By Stephen Nakrosis
LendingClub has agreed to purchase property at 88 Kearny Street in San Francisco for use as its new headquarters.
The parent company of LendingClub Bank said Thursday it agreed to pay $74.5 million to acquire the 233,887 square-foot property. The property will serve as the company's headquarters beginning in spring of next year.
Scott Sanborn, the company's chief executive, said the expiration of LendingClub's current lease coincided with historically low San Francisco commercial real estate pricing. He added the company acquired the facility at a fraction of pre-pandemic cost, with no expected impact to financial performance and the potential for upside as San Francisco recovers.
Over a third of the company's more than 1,000 employees are based in its San Francisco headquarters, with others working in offices in Boston, New York, and Lehi, Utah.
LendingClub added it plans to occupy 100,000 square feet of the Kearny Street property following the expiration of its current lease at 595 Market Street, with remaining space being leased to a combination of new and existing tenants.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 17, 2025 16:36 ET (20:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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