KKR Real Estate Finance Trust Inc. (KREF) and TMG Partners have confirmed a major leasing agreement with OpenAI for the 350-380 Ellis office campus. The artificial intelligence firm will occupy the entire 450,000 square foot site located in Mountain View. This Class A property consists of five buildings and sits in a prime location within Silicon Valley. KREF and capital accounts managed by KKR currently own the asset.

TMG Partners took over the repositioning of the campus in 2024. The goal was to transform the site into a workplace ready for global technology leaders. The renovation added a new arrival experience and an indoor-outdoor café. It also introduced rooftop decks and a two-acre outdoor zone for staff. Existing features include a full-service gastropub, a tennis court and a sand volleyball court. The grounds are landscaped with redwood and oak trees to provide a natural setting for employees.

Matt Salem, KREF CEO and Head of Real Estate Credit at KKR, commented on the deal. “When we took ownership of 350–380 Ellis, we saw the opportunity to apply the full breadth of KKR’s real estate capabilities to create long-term value in one of the world’s most important technology and growth corridors,” he said. “We believed this institutional-quality Class A campus would resonate with a forward-thinking, high-growth company. We are pleased to welcome OpenAI to the property. Executing a full-building lease in under two years underscores the asset’s positioning and our disciplined approach to value creation.”

Ben Kochalski, President and CIO of TMG Partners, also shared his thoughts. “Our team immediately recognized the opportunity to reposition this property into a premier headquarters environment in a prime Silicon Valley location,” he said. “Working closely with KKR, we focused on enhancing connectivity, amenitization, and flexibility to create a vibrant workplace aligned with the needs of modern technology companies. OpenAI’s long-term commitment to the property validates that vision.”

The landlord was represented by Newmark during the lease negotiations. JLL acted on behalf of OpenAI. The campus now offers open work environments and an executive briefing center to meet modern corporate standards.