Nubank, the Brazilian digital bank, has leased roughly 32,500 square feet at 388 Cambridge Ave. in Palo Alto.

The deal fills both office floors of the building less than a year after construction finished, the Silicon Valley Business Journal reported Tuesday, Sept. 15.

The lease brings a new building on Palo Alto's California Avenue corridor to full occupancy at a time when much of the Bay Area office market remains soft. Bay Area office vacancy sat at 22.5% in July, according to a CommercialCafe national office report. San Francisco's rate was even steeper, averaging nearly 26%. Across the Bay Area, asking rates averaged $56.27 per square foot, the second-highest in the Western U.S.

New office construction has been scarce across Silicon Valley, the Business Journal noted in an August report. 388 Cambridge reached full occupancy less than a year after completion.

The building is a ground-up Class A office and retail development by San Francisco-based Presidio Bay Ventures, according to The Registry, a Northern California commercial real estate publication. Presidio Bay, founded by K. Cyrus Sanandaji, has a portfolio valued at nearly $5.6 billion and has developed 5.3 million square feet of projects, according to a Presidio Bay Ventures press release.

Sanandaji retweeted the Business Journal's report of the lease on Sept. 15.

The lease terms, including rent per square foot and duration, were not publicly disclosed. Nubank's planned headcount at the Palo Alto office, a move-in timeline and the status of the company's U.S. banking license application remain open questions.