San Francisco’s Monadnock Building has been put up for sale by Brookfield Office Properties, according to a report from the San Francisco Business Times that referenced marketing materials from JLL. The listing price has not been made public.
The Monadnock Building, located at 685 Market Street, is a 10-story office property spanning 210,000 square feet. It includes 13,000 square feet of ground-floor retail space. The building is currently 75 percent leased.
Software company Notion Labs is the largest tenant in the Monadnock Building. In November 2024, Notion signed a lease for about half of the property to use as its headquarters and later expanded its footprint to occupy 123,529 square feet—about 60 percent of the total space. Under its agreement with Brookfield Office Properties, Notion can expand further within the building and has close to a decade left on its lease.
Brookfield Office Properties acquired the building from PGIM Real Estate in 2013 for $80 million. Since then, Brookfield completed renovations on the facade and mechanical systems in 2016 and undertook additional upgrades between 2022 and 2024. The firm refinanced the building with an $85 million loan in 2022. Four out of ten floors are available for lease as noted on Brookfield’s website.
Uber became an anchor tenant shortly after Brookfield purchased the property and expanded to about 113,000 square feet by 2015. As Uber began moving its headquarters to Mission Bay before the pandemic, it listed its space in the Monadnock Building for sublease.
Notion currently employs around 500 people at this location and may be valued at approximately $11 billion ahead of a possible initial public offering, according to Forbes.
“Brookfield Office Properties placed the offices at 685 Market Street up for sale,” reported the San Francisco Business Times.
