Our earnings release and supplemental package have been filed on a Form 8-K with the SEC, and both are also available on our website. Eliott will provide an update on our recent transaction activity, and Jeffrey will discuss our financial results and provide you with updated 2025 guidance. Return to office continues to improve, supported by evolving workplace norms, shifting employer expectations, and recognition of the office as a driver of culture, collaboration, and innovation. These trends, in combination with improving quality of life dynamics, are driving enhanced vibrancy, a resurgence in leasing activity, and a meaningful increase in institutional investor interest in high-quality West Coast commercial assets.
Importantly, the growth in demand statistics has persisted even as the pace of lease executions has significantly increased, with San Francisco leading all U.S. Our SoMa assets continue to outperform, with over 95,000 sq ft of new and renewal leases executed this quarter and a growing forward pipeline, with tour activity in our SoMa assets up 170% year-over-year. MBC BioLabs is the Bay Area's leading life science incubator, and has helped launch more than 500 companies, collectively raising over $20 billion in capital. The future pipeline at KOP 2 is robust, and we're actively engaged with a variety of potential tenants, including several with larger format requirements.
From a capital allocation perspective, we continue to be active and disciplined as we recycle capital with a focus on long-term cash flow and cash flow growth and value creation. With respect to future development pipeline, we continue to work through additional land parcel monetization and expect to have further announcements in the coming quarters. As we continue to evaluate dispositions, our strategy remains the same: monetize properties in lower conviction locations at values that imply forward returns less than our cost of capital. On the acquisition side, during the quarter, we bought Maple Plaza in Beverly Hills.