The wearable-ring company is converting its Financial District lease into an ownership stake — an "owner-user" deal that hasn't closed and whose price nobody will disclose.

Oura, the Finnish maker of the health-tracking ring, is buying the San Francisco office building it moved into in January — the roughly 50,000-square-foot, five-story property at 500 Pine Street in the Financial District. That's the news. Here's the part the company won't put a number on: how much it's paying, and whether the deal is actually done.

Emily Agin, Oura's VP of global workplace and real estate, declined to disclose the terms to The San Francisco Standard, which first reported the purchase Wednesday. The deal is "expected to close this week," per the company — meaning as of filing, this is an announced acquisition, not a completed one. The only hard price anchor on the record is historical: developer Lincoln Property and partner Gemdale sold 500 Pine to investment firm Heitman in 2018 for $73 million, about $1,300 a square foot. What Oura is paying seven years and one pandemic later is undisclosed.

The framing from Oura is confidence — controlling "our own destiny," a "long-term investment" in a "key center of gravity." The cap-table reality is more prosaic. Companies that buy the offices they occupy are called owner-users, and they've multiplied since 2020 for a specific reason: most SF office buildings trade well below their peak values, so the math pencils. Nvidia did a bigger version of this in March, paying $374 million to become its own landlord in Santa Clara. Buying rather than leasing moves the building onto the balance sheet as an asset and removes any risk of a rent hike — a reasonable move on cheap real estate, not a referendum on the city.

Oura says it has more than 1,200 employees across six cities and, per the Standard, has raised nearly $1 billion; last month it disclosed an undisclosed-size equity investment from Eli Lilly. Its Ring 5, launched this summer, starts at $399 plus a monthly subscription. What to watch: whether the sale actually closes on schedule, and whether the price ever surfaces in a recorded deed — the one number that would show what an SF office is worth to a buyer who already loved the lease.