In a surprising twist of corporate geography, Coinbase has decided to plant its flag back in San Francisco after a dramatic exit just four years ago. The cryptocurrency exchange, now valued at a cool $60 billion and recently added to the S&P 500, is leasing a massive 150,000 square feet of office space in the Mission Rock neighborhood.

This move comes after the company previously paid $25 million to terminate its downtown lease and embrace a remote-first work culture. Now, they’re occupying more than half of Building B at 1090 Dr. Maya Angelou Lane, developed by the San Francisco Giants and Tishman Speyer.

The return highlights the magnetic pull of San Francisco’s tech ecosystem, especially in Mission Bay. This neighborhood has become a hot spot for tech innovation, with OpenAI recently leasing nearly 1 million square feet nearby. Despite Mission Bay’s relatively small office inventory of around 2 million square feet, it remains a coveted location for tech giants.

Coinbase’s journey hasn’t been without complications. The company is currently under SEC investigation for potentially misstating user numbers and recently experienced a cyberattack that could cost customers up to $400 million. Despite these challenges, CEO Brian Armstrong continues to navigate the complex crypto landscape.

Interestingly, the company maintains its “decentralized” approach, with most of its approximately 3,800 employees having remote work options. The new lease adds another chapter to Coinbase’s evolving corporate strategy, signaling continued confidence in San Francisco’s tech scene.

The Mission Rock development isn’t just about tech, though. The area is being carefully curated with beloved San Francisco brands like Blue Bottle Coffee, Ike’s Love & Sandwiches, and Flour + Water Pizza, creating a vibrant mixed-use environment that goes beyond traditional office spaces.

As Coinbase settles into its new home, it represents more than just a real estate decision, it’s a statement about the enduring appeal of San Francisco as a global tech hub.