- LendingClub (LC, Financial) to purchase new San Francisco headquarters for $74.5 million.
- Occupies 100,000 square feet at 88 Kearny Street, leasing remaining space.
- Transaction expected to close in Q2 2025, coinciding with historically low real estate prices.
LendingClub Corporation (LC), a leading digital marketplace bank, has announced a definitive agreement to acquire a 233,887 square foot property at 88 Kearny Street in San Francisco for $74.5 million. The purchase highlights LendingClub's commitment to maintaining its headquarters in the Bay Area and strategically capitalizing on the current real estate market trends.
Scheduled to become LendingClub's new headquarters in Spring 2026, the company will utilize 100,000 square feet of the space, with the remainder available for lease to existing and new tenants. The acquisition comes amid historically low commercial real estate prices in San Francisco, purchased at a fraction of pre-pandemic costs.
The transaction, entirely funded through LendingClub's balance sheet, is anticipated to close in the second quarter of 2025. The purchase is designed to be capital efficient and is not expected to affect the company’s financial performance materially. The decision aligns with LendingClub's strategy to leverage its banking capabilities for efficient capital and funding deployment.
More than one-third of LendingClub's over 1,000 employees are based in San Francisco. The headquarters move from their current lease location at 595 Market Street will support LendingClub’s ongoing workforce growth and reinforce their long-standing presence in San Francisco, a city recognized for its innovation and talent pool.
