Bay Area/ San Francisco
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Published on November 05, 2024
Notion Sparks Downtown San Francisco Revival with Major Lease in Historic Monadnock BuildingSource: Google Street View

The bustling streets of downtown San Francisco are witnessing a resurgence of technological innovation as Notion, an AI-powered productivity app maker, commits to a large-scale presence in the city's heart with a recently signed lease at 685 Market St. The 105,000-square-foot space spans multiple floors in the iconic Monadnock Building, resurrecting business prospects in a locale that's felt the pinch of increased office vacancies over recent years, as the San Francisco Business Times reported.

Embracing their mission to consolidate collaborative workspaces, Notion plans to bid farewell to their current 65,000-square-foot headquarters in the Mission District, a move symbolizing their confidence in downtown's revival despite a market that has seen towering vacancy rates climb past 37% this year, a detail highlighted by the San Francisco Chronicle. Their significant investment in the Brookfield Properties-owned building, a structure that's struggled to fill its office space since Uber's 2019 exit, reflects a gadarene acceleration in growth for the AI sector, promising a ten-year stay with options to expand further.

While details surrounding the exact floors Notion will occupy were not initially clear, enthusiasm marks the company's expansion for artificial intelligence. This sentiment propelled its valuation to $10 billion back in 2021. This new lease deal brings Notion back to San Francisco's commercial core, where Union Square melds into the Financial District. The Monadnock Building houses ground-level retail fronts like the Bluestone Lane coffee shop and is poised to become a hive for Notion's operations for the foreseeable future.