The world’s most valuable company made its name without setting foot in San Francisco — until now.
Nvidia, headquartered in Santa Clara, firmed up its first-ever office in San Francisco with a lease in a development by Tishman Speyer and the San Francisco Giants, the San Francisco Standard reported.
The multi-trillion-dollar chipmaker is slated to occupy 45,000 square feet at Mission Rock, growing into the mixed-use development’s Building B at 1090 Dr. Maya Angelou Lane. Tishman Speyer handles leasing at the property.
Nvidia’s plans for the site are not yet known. Its relatively small size and proximity to the headquarters of artificial intelligence companies like OpenAI, Anthropic and Sierra implies it could be a sales office or events space rather than a home for engineering and research and development operations.
Sierra signed the largest office lease of the year in San Francisco a few blocks away at 185 Berry Street in China Basin, rivaling OpenAI’s 315,000-square-foot expansion in Mission Bay last year.
Nvidia’s San Francisco lease comes after the tech giant shared better-than-expected profits in its third-quarter earnings report as its valuation grew past $5 billion.
Its third-quarter profits were $31.9 billion, up 65 percent from the third quarter of last year and 245 percent from the third quarter of 2023. The company controls about 90 percent of the market for chips used to power AI technology.
The Golden State Warriors and Coinbase also have leases at Mission Rock’s Building B, which has 30,000 square feet left to fill.
Mission Bay’s vacancy rate is 9.1 percent, per Cushman & Wakefield. San Francisco’s citywide vacancy rate, meanwhile, hovers around 33.6 percent.
Nvidia has dropped more than $1 billion on real estate in and around its headquarters in Santa Clara over the past two years of rapid growth.
It bought its 550,000-square-foot headquarters outright last year for $374 million.
The firm kicked off this year with the purchase of four 125,000-square-foot buildings from the Sobrato Organization for $254 million.
In May, it paid $123 million in cash for a 10-building research and office campus, and in September, it bought a 125,000-square-foot building from Sobrato for $83.2 million.
The company is reportedly shopping for more offices in south San Jose.
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