BXP Completes 200,000+ SF of Leasing at 680 Folsom and 50 Hawthorne in San Francisco's South Financial District

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced April 15 that it has completed more than 200,000 square feet of new leases at two properties in San Francisco's South Financial District — 680 Folsom Street and 50 Hawthorne Street — with tenants including Dropbox, Decagon, and Swinerton Builders.

The transactions bring 50 Hawthorne to full occupancy and 680 Folsom to more than 90% leased, according to the company.

Lease Details at 680 Folsom and 50 Hawthorne

Dropbox, a cloud-based content collaboration platform, has leased the entire 64,000-square-foot building at 50 Hawthorne Street. At 680 Folsom — a 469,000-square-foot property — enterprise AI firm Decagon leased approximately 70,000 square feet across the sixth and seventh floors following an extensive property refresh. National construction firm Swinerton Builders and an unnamed software company each leased 35,000 square feet at the same property.

"The activity we're seeing across our San Francisco premier workplace portfolio reflects the continued flight to quality in the market," said Christine Yuen, Senior Vice President, Leasing at BXP. "Today's companies prioritize highly amenitized, transit-oriented workplaces that foster collaboration and authentically celebrate their culture. Our ongoing investment strategy is directly aligned with this demand, reinforcing the strength of our repositioning efforts and enhancing the competitiveness of our assets in dynamic submarkets like the South Financial District."

Repositioning at 680 Folsom

The leasing activity follows an extensive repositioning of 680 Folsom. Upgrades include a newly enhanced lounge with flexible workspace and event capabilities, a commissary kitchen, a coffee bar, elevated concierge services, and state-of-the-art audiovisual infrastructure. The building's reimagined rooftop can accommodate gatherings of up to 400 guests, featuring built-in speakers, heaters, fireplaces, and flexible patio configurations. Project partners on the renovation included Revel Architecture & Design, NBBJ Architects, GCI, and MCS Construction.

Decagon cited the space's alignment with its growth trajectory as a key factor in its decision. "We're building for the long term and need a workplace that matches both our pace of growth and culture of innovation," said Chloe Mark, SVP Operations and People at Decagon. "Doubling down on San Francisco was a deliberate decision for us, and finding the right partner was crucial. BXP has been instrumental in this next chapter, helping us secure and create a space at 680 Folsom that supports not only how we work today but where we're going as we build the next world-class enterprise technology company."

For Swinerton Builders, the move represents a consolidation of its San Francisco operations. "For more than 120 years, Swinerton has proudly maintained a presence in San Francisco," said Paul Hinz, Vice President, Division Manager at Swinerton Builders. "Securing the right space for our team was a meaningful process, and we're especially pleased to be moving into a property owned by our long-standing, trusted partner, BXP. A key priority was bringing all of our San Francisco operations together on a single floor, and 680 Folsom delivers exactly that."

Brokerage and Representation

Angus Scott and Madison Dutra Sarro of CBRE represented BXP in all transactions. Blake Walker and Ryan Lowe of CBRE represented Decagon. Jonathan Allen and Griggs Ziesing of JLL represented Swinerton Builders. Luke Ogelsby and Sarah Kelley of CBRE represented Dropbox in its lease at 50 Hawthorne.

"We're continuing to see strong momentum in the South Financial District submarket, especially among innovative companies like Dropbox and Decagon," said Angus Scott, Executive Vice President at CBRE. "These types of companies are attracted to high-quality, creative spaces, with large floorplates, incredible natural light and high ceilings, which 680 Folsom and 50 Hawthorne both offer."

San Francisco Tech and AI Leasing Market Context

The transactions come amid accelerating leasing activity in San Francisco's technology and artificial intelligence sectors. According to CBRE's first-quarter 2026 data, San Francisco recorded the highest growth rate in tech industry leasing between 2024 and 2025, with total square footage leased increasing by 44%. The 15 largest AI companies by venture capital funding expanded their combined workforce from approximately 7,500 employees in 2020 to 48,000 by year-end 2025.

San Francisco has also captured a growing share of U.S. AI venture capital investment, accounting for 62% of domestic AI funding since 2024, becoming more dominant in 2025 and 2026 and accounting for 81% of U.S. AI funding, according to CBRE. Leasing activity among tech and AI firms is expected to remain strong over the next 12 to 18 months, driven by sustained tenant demand, CBRE noted.

BXP is organized as a real estate investment trust and operates a portfolio that, as of December 31, 2025, totaled 52.9 million square feet across 180 properties, including eight under construction or redevelopment. The company is concentrated in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, D.C.