As of September, that number sat at $569 million.ĭropbox opted to go 'virtual first' in 2020, announcing in a blog post that 'remote work (outside an office) will be the primary experience for all employees and the day-to-day default for individual work.' That reduced the company's need for office space and pushed it to find tenants to sublease significant chunks of its headquarters. The S-1 revealed that CEO and cofounder Drew Houston made about 110 million in. But as that shift has accelerated, competitors have proliferated, most of whom. The combination of a global pandemic in 2020, which led to a boom in remote work, followed by a downturn in the tech market last year has turned that massive space into a financial albatross with an original minimum commitment of $836 million. Cloud storage company Dropbox is going public and its CEO, Drew Houston, is due to make a whole lot of money. Founded in 2007, Dropbox and its CEO, Drew Houston, anticipated the huge computing shift to the so-called cloud.

'And there's certainly been an increase in supply for real estate for sublease, which has pushed out our anticipated time to lease.'ĭropbox made splashy headlines in 2017 when the software company signed the biggest office lease ever in San Francisco, securing 736,000 square feet over 15 years in the city's Mission Bay neighborhood. 'We were relatively quick to market with our subleasing plans, but the market has deteriorated, with many companies reducing their real estate footprint,' Regan said. Tim Regan, Dropbox's finance chief, said on Thursday that the subleasing environment has become more difficult than management had anticipated, and the company is no longer assuming it will sublease additional space in San Francisco in the next few years.

Dropbox ceo