Summary:
Harvey AI is leasing a 92,000-square-foot office in downtown San Francisco, marking a significant expansion.
The move follows a $300 million Series E funding round, valuing the company at $5 billion.
Backed by Kleiner Perkins, Coatue, Sequoia Capital, and OpenAI, Harvey AI specializes in AI solutions for attorneys.
San Francisco's office market is showing signs of recovery, thanks in part to demand from AI startups.
Harvey AI has hired Siva Gurumurthy (ex-Twitter) as CTO and John Haddock (ex-Stripe) as Chief Business Officer to lead its growth.
Harvey AI, a San Francisco-based artificial intelligence startup, is making headlines with its latest move to a 92,000-square-foot office at 201 Third Street, signaling a significant expansion. This move comes shortly after the company announced a $300 million Series E funding round, valuing it at $5 billion. Backed by heavyweights like Kleiner Perkins, Coatue, Sequoia Capital, and OpenAI, Harvey AI is at the forefront of providing AI solutions for attorneys.
A Sign of San Francisco's Office Market Recovery
The deal with Kilroy Realty Corp. is a beacon of hope for San Francisco's struggling office market, which has seen vacancy rates hover over 30% for years. However, the AI sector's growth is injecting life into the market, with Harvey AI's lease being one of the largest in recent years. The company's move from a 30,000-square-foot office at 575 Market St. to its new location near the Moscone Convention Center underscores its rapid growth and the broader trend of AI companies expanding their physical footprints.
Leadership and Future Plans
Harvey AI has recently onboarded Siva Gurumurthy, former head of engineering at Twitter (now X Corp.), as its CTO, and John Haddock, a veteran from Stripe, as its Chief Business Officer. The company is poised to expand its team in San Francisco, aiming to foster a connected culture and create a space that can host its customers.
The Bigger Picture
This development is part of a larger narrative where AI companies are leasing more office space, contributing to a slow but steady recovery of San Francisco's office market. According to CBRE, the city is on track to have its best leasing year since 2019, with AI companies leasing over 10.8 million square feet in the Bay Area over the last two-and-a-half years.
Harvey AI will be expanding its startup into the building at 201 Third Street in San Francisco.
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