Dropbox’s San Francisco headquarters building is being sold for a massive $1.08 billion, the company’s owners revealed on Monday.

Kilroy Realty Corporation, the owner of Dropbox, said the price per square-foot of the building’s sale reached an all-time high in San Francisco’s commercial real estate market.

Dropbox Sale

“This is a resounding sign that people are still excited to be a part of San Francisco and its future,” San Francisco City Mayor London Breed said.

Dropbox is an online storage service company that previously signed a 15-year lease for the building’s office spaces in 2017. It remained unclear how much space inside the building was actually still used by the company since the transition to remote work amid the pandemic.

Last year, the company announced it was working on fully transitioning to allowing its employees to work outside the office. Officials said they hoped to become a “Virtual First” company.

Company officials said they planned to sublease a part of the office space it owns and keep the remaining for its own employees.

In the final quarter of last year, Dropbox reported “impairment charges,” which cost about $398 million, Yahoo News reported.

Since the beginning of the coronavirus pandemic, many high-profile companies in Silicon Valley have been forced to leave due to economic struggles. Companies have had difficulties accommodating work from home settings and decreasing popularity among the public.