Elecor Properties’ 300 Mission Lands New AI Tenant

AI infrastructure company Fal signed a lease in the Financial District, joining a wave of venture-backed artificial intelligence companies securing large chunks of space. The startup, also known as Features and Labels, signed a roughly 29,000-square-foot lease on the 14th floor of 300 Mission, according to sources familiar with the matter. The deal, which closed in May, spans five and a half years and is set to expire in May 2031.

The lease follows Fal's Series D funding round, with which it raised $140 million and tripled its valuation to $4.5 billion in December. Fal is currently in temporary swing space on the 10th floor of 300 Mission, in a fully built-out suite once leased by Instacart, ahead of its move to its new space on the 14th floor, a source said. That temporary space is coming back on the market in November, suggesting Fal will operate there while it builds out its new office with tenant improvements. It’s not clear where Fal’s office was prior to that.

Pitchbook lists its address at 2261 Market St., an approximately 6,000-square-foot building at the intersection of Duboce Triangle and the Mission, home to a virtual P.O. box service where it appears some early stage AI companies are establishing a mailing address, a source said.

Instacart has maintained a presence in the building for the past decade, leasing 60,000 square feet initially before expanding to 107,000 square feet in 2019, but never occupied that space due to the pandemic. The company in 2025 dropped the extra space and recommitted to its 60,000 square foot office in a nine-year lease, saying at the time San Francisco is a big part of its future. Paramount said at the time in public filings that Instacart was one of the building's key tenants.