Monadnock Building Hitting the Market for Sale

San Francisco’s Monadnock Building is ready for a new owner.

Brookfield Office Properties placed the offices at 685 Market Street up for sale, the San Francisco Business Times reported, citing marketing materials from real estate services firm JLL. A list price was not disclosed.

The Monadnock Building rises 10 stories and spans 210,000 square feet, including 13,000 square feet of ground-floor retail.

The property is 75 percent leased, with its largest tenant being software company Notion Labs; the firm leased approximately half of the building for its headquarters in November 2024. It later expanded its offices there to 123,529 square feet, or 60 percent of the building. Under its deal with the owner, Notion has the option to grow into the remainder of the building. The startup has nearly 10 years left on its lease term.

Brookfield Office Properties, a subsidiary of Brookfield Corporation, acquired the Monadnock Building from PGIM Real Estate in 2013 for $80 million. Brookfield renovated the building’s facade and improved the building’s mechanical systems, finishing those upgrades in 2016. It was most recently renovated between 2022 and 2024. Brookfield refinanced the Monadnock Building with an $85 million loan in 2022, according to the Business Times. Spaces on four of the building’s 10 floors are available for lease, according to Brookfield’s website.

Uber moved in as an anchor tenant about a year after Brookfield took control of the building and expanded into approximately 113,000 square feet by 2015. When the rideshare company began moving its headquarters to Mission Bay in the lead-up to the pandemic, it placed its space in the building up for sublease.

Notion today has about 500 employees in the building, according to the Business Times. The firm’s expected valuation ahead of a potential initial public offering is about $11 billion, Forbes reported.

— Chris Malone Méndez