Dropbox Unloading San Francisco HQ For $1.08 Billion

Dropbox is selling its San Francisco headquarters for a near-record $1.08 billion amid the transition to remote work.

Dropbox has went all-in on remote work, becoming a “virtual-first” company. The company has even taken steps to help other companies make the same transition. The move comes amid a wider transition in the workforce, with many companies embracing a fully remote or hybrid workflow.

One of the side effects of the transition to remote work is a significant impact on real estate. A recent survey showed some 23% of professionals have left a big city thanks to remote work. The end result has been plunging real estate prices in many cities across the US.

Dropbox is now selling its Mission Bay headquarters for a whopping $1.08 billion, according to the San Francisco Chronicle. The price is the second-highest price for a piece of real estate in San Francisco. It comes in behind the $1.2 billion sale the Embarcadero Center, a property roughly four times the size of Dropbox’s four building complex.

It’s a safe bet Dropbox’s sale won’t be the last major property sale among tech companies, or the US market at large.