Resource Commercial Real Estate

Prepared for Peregrine leadership

Draft · September 2026 · Confidential

Leadership meeting brief · 4-minute read

Agree the inputs.
Preserve the options.

Confirm London’s renewal documents and October 9 move, validate the SF people-to-space program, and compare deliverable paths before choosing a larger footprint.

September 9, 2026 research · London / DC update September 21, 2026 · Prepared for Peregrine leadership
Open postingsOfficial board · Sep 9
Of hiring in SF + NY + DC75 of 89 postings · Sep 9
Of engineering / product hiringIn three US hubs · 26 of 26
San Francisco only · RSFPortfolio total not yet confirmed

The next gate is a leadership-approved program, followed by a comparison of stay, expand, phase, bridge and relocate. A verified SF shortage date and a 100,000-RSF requirement have not been established.

01

Growth is visible. The office allocation is not.

Peregrine’s June announcement reported a $250 million Series D at a $6.8 billion valuation, more than 450 employees and offices in five markets. Engineering, implementation and international expansion are stated priorities. Those are strong reasons to revisit the footprint, but they do not specify SF headcount or a space requirement. S2

The September 9 official board contains 89 distinct postings. SF accounts for 36, New York 19 and DC 20: 75 of 89, or 84%. All 26 engineering/product postings sit in those three hubs. Deployment and client roles also appear regionally. Office policy and customer travel vary by role; one open posting does not automatically create one additional occupied seat. S1 S10

02

The immediate portfolio task is a document readback.

London has renewed and will move into a 12-seat space beginning October 9, 2026, according to Heidi’s September 21 update relayed by Andrew. Obtain the signed renewal and confirm the new premises, fees, term, notice provisions and move readiness. The prior six-pass licence at Thomas House remains historical evidence; its October 12 earliest end is not the renewed term’s expiry. S21 S4

For New York, the company reported 9,505 square feet at 104 Fifth Avenue; the original report did not disclose the term. Toronto’s exact premises remain unknown. Current executed records are still needed. S8 S2

Washington, DC is reported at 11,808 sq ft and 78% capacity as of September 21, 2026. The update does not define the area basis or capacity measure, so it does not establish current headcount, seats or measured attendance. It supersedes the January deck’s 11,500 RSF and 41% occupancy in the current summary. The deck’s 66 seats, 27 employees, $54,000 monthly base rent excluding OPEX, $818 per seat/month and June 2030 lease end remain historical context. Exact executed terms and continued use of 1601 K Street NW, Suite 1100 need confirmation. S21 S20 S14

03

SF has a real lease clock and an unproven expansion path.

Executed documents establish 33,702 RSF on floors 5 and 7 at 71 Stevenson, with the current term ending April 30, 2028. The option permits a further two years at market rent, subject to its conditions. Calendar subtraction puts the written-notice window at May 6–November 2, 2027. May 6 opens the window; it is not the last day to act. S3

Floor 6 separates the existing premises, and no current expansion right or availability there was established. Other floors and suites are advertised. For the ninth-floor work, DBI shows a September 14 rough-frame inspection appointment, with no completed inspection or final sign-off. Reconfirm scope, test fit and actual delivery before treating advertised space as supply. S7 S13 S17

04

Choose the size after agreeing the inputs.

Start the leadership discussion with a dated SF roster, the approved hiring cases, measured peak-day attendance and a validated seat count. The older workbook’s 218 seats and 240 maximum are planning inputs. Its headcount tabs mix current-labeled rows with projections; they are not a September actuals report. S5

The dashboard embeds the full SF supply and demand model used on the partnership page. Edit the annual hiring cases, attendance, sharing, buffer and all-in space density; compare space sizes and delivery timing. Its historical population and Low, Base and High cases remain unapproved tests. Neither the former “340+ desks in 2026” page text nor “340 employees in 2027” model case is a validated current forecast. S5 S6

Keep 100,000 RSF available as a size test. Compare the complete workplace program and total occupancy cost across smaller or phased alternatives before converting it into a requirement. The company’s field operating model makes attendance and work location especially consequential. S6 S10

05

Keep several paths alive until one is deliverable.

Stay or renew if the confirmed program fits and the terms work. Expand if the landlord can offer a usable configuration and committed delivery. A phased relocation may align occupancy with the approved hiring case. A bridge only helps if its remaining term, extension path and second-move cost fit the schedule. S3 S6 S7

The September survey supplies examples for comparison, not approved options: 45 Fremont floors 14–16 (56,253 SF), potential 32,000-SF floor increments at 255 Sansome, and a 350 Mission sublease with a reported September 2028 expiry. Reconfirm all of these. Asking rents, different lease structures and tenant improvements need a separate total-cost comparison before ranking value. S6

One next step

Approve the input sheet in the next discussion.

Peregrine People, Finance and workplace leaders should bring the dated office roster, hiring cases, attendance evidence and current premises records. Stream and Resource can then return a comparison with test fits, delivery dependencies, total costs and a proposed decision calendar.

First readback: London’s signed renewal and October 9 move details; DC’s capacity definition. Decision sponsor and delegated authority: confirm in the meeting. Adrian Kaplan’s public CFO role is established; transaction authority has not been supplied. S21 S4 S9

Open the SF supply & demand model ↗
Decision owners, timing and what changes the answer

Close the immediate document gaps

Peregrine workplace / legal; DRI to confirm · Now · before the next leadership discussion

London’s renewal terms establish its next contractual dates; DC’s capacity definition determines how the 78% report can be used. S21 S4 S5 S2

Approve the people-to-space inputs

Peregrine People + Finance + workplace · Next leadership discussion

Different attendance, field time or hiring pace can change the size and urgency. S1 S5 S6

Compare flexible paths before committing

Stream + Resource with Peregrine decision sponsor · Start now; target Q1 2027 comparison (planning)

Deliverable expansion or a better test fit may reduce the amount leased upfront. S3 S6 S7

Sources & method. Official Peregrine announcements and job board; executed SF and London agreements; account planning records; building listings and permit records. Research through September 9, 2026 research · London / DC update September 21, 2026. Unverified inputs remain labeled.

Source register · original links and evidence limits

Private agreements and account records remain in the Account OS. The register identifies the record behind each claim.

S1

Official Greenhouse board ↗

Public · observed · Captured September 9, 2026

89 unique posting IDs across the complete public API snapshot. Locations normalized; separate IDs retained. A posting is not a budgeted hire or an occupied desk.

S2

Peregrine Series D announcement ↗

Public · company stated · June 22, 2026

$250 million financing; $6.8 billion valuation; more than 450 employees; five office markets. Dated company statements, not a current office roster.

S3

71 Stevenson executed lease and first amendment

Account · executed · Lease 2024 · amendment April 16, 2025; reviewed September 9, 2026

Amendment page 1: floors 5 and 7, 19,214 + 14,488 RSF, April 30, 2028 expiry. Lease §2.B (PDF page 9): one two-year option; written notice 180–360 days before expiry, subject to conditions. Dates calculated by calendar-day subtraction. Executed records retained in the private Account OS.

S4

London executed office licence

Account · executed · 2026 agreement; reviewed September 9, 2026

Summary page 1: Thomas House, Office 5.02, six passes, April 13 start and October 12 earliest end. Clauses 12.1–12.4 (page 8): continuation, three months’ prior notice and conditional 15% increase. Subsequent notice or renewal not supplied. A September 21 client update reports renewal and a move to 12 seats beginning October 9; the signed renewal has not been supplied (S21).

S5

Native headcount planning workbook

Account · dated planning · Last modified February 26, 2026

One current-labeled tab lists SF 137, NY 32, DC 27 and remote 44 (240 total), SF 218 seats / 240 maximum. Other tabs contain forecasts. NY/DC areas and dates conflict with other records. No September roster or validated test fit supplied.

S6

September SF market survey

Account · broker reported · Last modified September 8, 2026

The requirement line (~250 people growing to 300+, ~40,000 SF) is explicitly marked for verification. Selected options are broker-reported leads, with no reserved capacity, terms or delivery commitment.

S7

71 Stevenson current broker listing ↗

Public · advertised · Reviewed September 9, 2026

Advertised: floor 2, 17,791 SF now; floor 3, 19,201 SF January 1, 2027; suites 925 and 950, 4,500 SF each October 15, 2026. Availability, area basis and delivery require broker confirmation. No floor 6 availability established.

S8

Peregrine New York office announcement ↗

Public · company repeats reporting · March 28, 2025

Reports a lease for 9,505 square feet on the third floor at 104 Fifth Avenue. The original report explicitly says lease length was unclear. Historical opening/capacity statements are not current occupancy evidence. Executed agreement missing.

S9

Peregrine CFO appointment ↗

Public · company stated · July 21 announcement; July 24, 2026 company publication

Adrian Kaplan appointed CFO, reporting to CEO Nick Noone. This establishes the public role, not delegated approval authority for this transaction.

S10

Selected official job descriptions ↗

Public · stated work arrangement · Captured September 9, 2026

Federal Deployment Strategist: office attendance when not traveling, with 30–50% travel. Client Training Specialist–Canada describes remote Toronto work and weekly customer travel. Role policies do not establish measured peak attendance.

S11

Q2 2026 San Francisco Office MarketBeat ↗

Public · brokerage market data · Q2 2026; reviewed September 9, 2026

30.1% overall office vacancy in the Q2 2026 market report. Citywide vacancy does not establish that a particular floor or configuration is deliverable.

S12

Peregrine Series C announcement ↗

Public · company stated · March 4, 2025

$190 million financing at a $2.5 billion valuation. Financing is a business signal, not an office-space allocation.

S13

San Francisco DBI building permit record ↗

Public · government record · Issued July 10 · live portal reviewed September 9, 2026

Permit 202607014426 covers ninth-floor Suite 900 alterations and a multi-tenant corridor. The live DBI portal shows issued status and a rough-frame inspection scheduled for September 14, 2026; no completed inspection or final sign-off is shown. MEP and fire-life-safety work are separate. This does not establish delivery of advertised suites 925/950.

S14

Peregrine DC office-opening announcement ↗

Public · company-published, historical · June 12 event; year unstated · indexed text reviewed September 9, 2026

Indexed company announcement names 1601 K St NW, Suite 1100, Washington, DC 20006. The original page now returns not-found content. Current job text refers to Dupont Circle; continued occupancy, any move, area and lease term need confirmation. The event year is not established.

S15

Fora · Thomas House ↗

Public · operator stated · Operator page reviewed September 9, 2026

Thomas House is at 84 Eccleston Square, London SW1V 1PX. This corroborates the building address in the office-licence workstream; it does not establish Peregrine renewal or continued occupancy.

S16

City of San Francisco · 71 Stevenson owner listing ↗

Public · government record · Legislative file 260466 · reviewed September 9, 2026

Petition table, PDF page 3, lists F1 Stevenson LLC as owner of the two 71 Stevenson parcels. This corroborates the lease counterparty; it is not a title report, beneficial-ownership analysis or floor-delivery commitment.

S17

DataSF · 71 Stevenson permit history ↗

Public · bounded government-record search · Filed September 9, 2023 onward · retrieved September 9, 2026

Exact-address 36-month query returned 26 rows and 25 distinct building permit numbers. No description names Peregrine or establishes current floor 6 availability. Address/description coverage can be incomplete; an absence of records does not prove no work occurred.

S18

Crustdata · public-profile workforce estimates ↗

Third-party · estimated, unreconciled · Company total September 7; regions September 1; functions August 1, 2026

Crustdata returned 552 profiles in the company total and selected regional estimates of SF Bay Area 171, NY metro 48, DC–Baltimore 46 and UK 16. Geography overlaps. India and security-function concentrations raise entity/classification questions. These are not office-assigned employees, a payroll roster or model inputs. Link identifies the underlying company; the dated enrichment is retained in the Account OS.

S19

Peregrine supplemental UK privacy notice ↗

Public · company legal contact address · May 18, 2026 · reviewed September 9, 2026

Names Peregrine Technologies UK Ltd. as the UK privacy representative at Room 105, Dowgate Hill House, 14–16 Dowgate Hill, London EC4R 2SU. A legal contact address does not establish a staffed office or a relocation from Thomas House.

S20

Peregrine — SF HQ Planning & Market Survey · slide 3

Account · deck reported · Deck reviewed September 18, 2026 · portfolio snapshot January 2026

Current Portfolio Snapshot reports Washington DC: 11,500 RSF; $54K monthly base rent excluding OPEX; 66 seats; $818 seat cost per month; headcount 27; 41% occupancy; lease end June 2030. Occupancy is headcount divided by seats, not measured attendance. Snapshot and rent schedule are dated January 2026. No executed DC lease or DC street address is supplied by this slide.

S21

London and Washington, DC · client update via Andrew Nicholls

Account · client reported · September 21, 2026

Heidi’s update, relayed by Andrew: London has renewed and will move into a 12-seat space beginning October 9; DC is 11,808 sq ft and at 78% capacity as of the update. October 9 is treated as 2026 from the email context. New London premises and signed renewal terms were not supplied. DC area measurement basis and capacity definition were not supplied; no current headcount or seat total is inferred.