Blackstone Real Estate and its joint venture partner DivcoWest have secured a full‑building lease from AI company Anthropic, covering 484,000 square feet across two San Francisco properties: the 466,000‑square‑foot, 25‑story Class A tower at 300 Howard Street and the 18,000‑square‑foot historic building at 342 Howard Street. The lease brings Anthropic’s workforce and infrastructure into the heart of the city’s AI corridor, transforming the previously vacant 300 Howard tower into a 100 % occupied asset.
The agreement, announced on February 2, 2026, commits Anthropic to occupy the entire 300 Howard tower and the adjacent 342 Howard building, with a move‑in scheduled for 2027. While the lease term is not disclosed, the commitment represents a long‑term, high‑quality tenant for Blackstone’s portfolio and underscores the firm’s strategy of targeting AI‑driven tenants in premium locations.
For Blackstone, the lease adds a significant, stable income stream to a real‑estate business that reported $3.5 billion in revenue and $319.3 billion in assets under management in 2025. The addition of Anthropic’s 484,000 sq ft lease aligns with Blackstone’s focus on high‑growth sectors and reinforces its presence in the San Francisco market, where office demand has been rebounding thanks to AI companies.
DivcoWest’s partnership with Blackstone reflects its investment thesis in innovation‑driven markets. The joint venture’s acquisition of the 300 Howard tower and the 342 Howard building demonstrates a commitment to creating environments that support the growth of AI and other high‑tech firms, consistent with DivcoWest’s broader portfolio strategy.
Analysts have responded positively to the deal. TD Cowen maintains a “Buy” rating on Blackstone, while Citizens JMP reiterates a “Market Outperform” rating. The lease is viewed as a material win that signals confidence in San Francisco’s office market and the AI sector’s role in driving demand.
The transaction highlights a broader trend of AI firms consolidating space in downtown San Francisco’s “AI Alley.” Anthropic’s expansion into 300 Howard and 342 Howard reinforces the corridor’s reputation as a hub for AI innovation, and the lease’s size and quality are expected to support further investment in the area’s premium office inventory.
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