Ramp is betting big on downtown San Francisco, roughly quadrupling its local office footprint with a fresh lease at 235 Second Street in SoMa. The finance software company is taking about 82,000 square feet across two floors in the building, moving into space that had been held by an AI tenant. The move follows a jump in the startup's valuation last year, when its value reportedly doubled in 2025.
According to the San Francisco Business Times, Ramp's deal at 235 Second Street is one of the larger downtown office commitments so far this year and involves backfilling space previously leased to the AI company Sierra. Hoodline coverage in Sierra Eyes 300K-SF Lease detailed Sierra's prior expansion plans in San Francisco, underscoring how AI firms have been reshaping the office landscape even as tenants shuffle addresses.
AI demand is reshaping leasing
San Francisco's office market has been getting a lift from AI and growth-stage tech firms that are willing to sign for more space, and not just a few desks in a co-working hub. Late last year, the Commercial Observer reported JLL data showing year-to-date leasing surpassed 8 million square feet in 2025, with many of the largest transactions driven by companies scaling engineering and AI teams. In that climate, big contiguous blocks like the ones at 235 Second Street become especially attractive to tenants that need room to grow without hopping floors or buildings.
Why landlords are closing big deals
CoStar has found that AI startups and other tech outfits are gravitating toward larger floorplates in SoMa and the Financial District as funding and hiring pick up, pushing demand toward historic highs in some submarkets. For landlords, landing a single tenant that can fill large, modern floors in one shot is far more efficient than slicing a vacancy into smaller suites and marketing each one. By stepping into space formerly held by an AI company, Ramp's lease helps stabilize that stretch of Second Street and could give nearby buildings a bit of momentum.
Ramp's expansion at 235 Second Street signals that well-capitalized fintechs are once again ready to plant a flag in the downtown core, rather than just test the waters. Brokers say that if a steady stream of similar big-ticket leases follows, availability in key San Francisco submarkets could begin to tighten. And if more fast-growing AI and finance players follow Ramp's lead, the city's office story could gradually shift from lingering uncertainty to a slow re-anchoring around high-growth tenants that want sizable, contiguous floorplates.
