Crypto Company Ripple Leases 130,000 SQFT in San Francisco

Ripple, 600 Battery, TMG, Invesco, San Francisco
Courtesy of TMG

By Meghan Hall

Cryptocurrency company Ripple has inked a lease for a new home in San Francisco. The Registry as confirmed that the firm has agreed to take an entire building at 600 Battery Street. In all, Ripple will occupy some 130,000 square feet at the site. 

“TMG and Invesco Real Estate welcome Ripple Labs to 600 Battery,” said TMG President Matt Field and Invesco Real Estate Managing Director Jay Hurley in a joint statement. “This lease represents the continued demand for high-quality offices, particularly those with outdoor space, in well-amenitized areas.”

TMG Partners was represented by Phil Tippett and Conor Famulener of CBRE and Ripple Labs, Inc. was represented by Derek Johnson, Travis James, and Brittan Hawken of JLL.

The property was acquired by TMG Partners and Invesco Real Estate for $115 million. TMG states on its website that the building was formerly leased to The Interpublic Group of Companies. At the time, the companies were attracted to the site because of its 40,000 square foot floor plates, contemporary aesthetic and overall aesthetic. TMG had previously owned the asset in the late 1990s, when it renovated the property and sold it to Chicago-based M & J Wilkow and National Real Estate Advisors. 

“600 Battery Street is located in the desirable Jackson Square neighborhood, which is a destination of choice for advertising/marketing, high tech, and private equity firms with ample access to transit,” TMG states of the property on its website. 

TMG continues, adding, “…The property’s comprehensive renovation in 1998-2000 boasts concrete construction, high exposed ceilings, natural light, polished concrete floors, large efficient floor plates, and a roof deck with panoramic views of downtown and the bay.  The building is poised to attract tenant interests in San Francisco’s hot real estate market where tenant demand continues to accelerate, outpacing supply, particularly in large blocks of space.”

The building is not far from Minted’s headquarters and the USCIS San Francisco Field Office. The Northern Waterfront and San Francisco’s iconic Ferry Terminal are also just blocks away.

Ripple will utilize the property as its new headquarters, and will vacate space it currently occupies at 315  Montgomery Street. At the beginning of the year, the company had raised more than $1 billion in funding. The company describes itself as a real-time gross settlement system, and it claims to make everything from CBDCs and Cross-Border Payments to crypto liquidity easier. 

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