Salesforce cancels huge downtown office lease in SF

“The lease termination is just the latest blow to San Francisco’s downtown office footprint as more companies shrink or offload leases because of the persistence of remote work. The lease on Yelp’s 161,876-square-foot office space at 140 New Montgomery St. is up in October 2021 and the entire space has been listed for rent. WeWork confirmed it would be scaling back its Bay Area locations and is closing five downtown locations.

Just this week, the Mission Bay headquarters once leased by Dropbox is being sold for $1.08 billion. The company adopted a remote work policy in October 2020. Old Navy also announced in February it would be shutting down its Mission Bay offices and moving into parent company Gap Inc.’s workspace.

In August 2020, Pinterest paid $89.5 million to terminate its lease for 88 Bluxome.”