KKR Real Estate Finance Trust Inc. (NYSE:KREF) and TMG Partners, one of the San Francisco Bay Area's largest mixed-use property developers, today announced the lease at 350-380 Ellis, a Class A campus in Mountain View, California, to OpenAI.

The five-building Class A property is strategically located in the heart of Silicon Valley and is owned by KREF and capital accounts advised by KKR. In 2024, TMG was selected to reposition the campus into a future-ready workplace designed to meet the needs of leading global technology companies.

"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," said Matt Salem, KREF CEO and Head of Real Estate Credit at KKR. "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."

TMG led the transformation of the campus, modernizing the asset into an institutional-quality, highly connected and future-ready workplace designed to support scale, flexibility and long-term tenant needs. The comprehensive redesign integrates the five buildings into a seamless environment, upgrades core infrastructure and introduces collaboration- and wellness-focused amenities throughout, including a new front entry arrival experience, new indoor/outdoor café, rooftop decks and a revitalized secure 2.0-acre outdoor amenity zone featuring flexible, open-air workspace.