MongoDB is planting a bigger flag in Palo Alto, signing a lease for roughly 23,000 square feet at 490 California Avenue as new owners prep the building for a relaunch. The deal expands the New York based database company’s footprint on the Peninsula and hands the California Avenue corridor a marquee corporate tenant.
According to the Silicon Valley Business Journal, the lease covers about 23,000 square feet and was signed as Premia Capital and Prince Street Partners move ahead with a plan to reposition the property. The Business Journal reported the transaction on April 14, 2026.
The Deal And The Building
Prince Street Partners’ project page pegs the four story property at roughly 28,473 square feet and shows renovations kicking off in Q4 2025, with completion slated for sometime between Q2 and Q3 2026. If MongoDB ultimately occupies about 23,000 square feet as reported, it would control most of the building’s office space, leaving only a few thousand square feet for retail or smaller tenants.
The property changed hands in September 2025, when CIM Group sold it to Premia Capital and Prince Street Partners for about $14 million, according to commercial transaction data from Traded. The buyers have said they aim to reposition the address to draw venture capital and tech firms as part of the renovation effort.
How It Fits In A Shifting Market
The timing lines up with a cautiously improving Silicon Valley office scene, where CBRE reports positive net absorption in Q1 2026 and a vacancy rate that has started to ease. Coverage in Bisnow has flagged a run of large blocks getting scooped up by AI and cloud era companies this quarter, and MongoDB’s lease slots into that broader pattern.
Timing And What Comes Next
Prince Street Partners’ materials project a mid 2026 finish for the overhaul, which would put MongoDB’s potential move in roughly on that schedule if the company takes space as soon as work wraps. So far, there has been no public announcement of a move in date or staffing plans for the Palo Alto office…