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Dropbox's San Francisco HQ sells for $1 billion

The deal, which earns the distinction as the second-highest price paid for a property in the Bay area, may alleviate concerns over companies fleeing Silicon Valley for cheaper locations.

Dropbox leases the office known as the Exchange from Kilroy Realty, which sold the 750,000-square-foot unit for $1,400 per square foot to an undisclosed buyer, according to the San Francisco Chronicle.

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