LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, is acquiring a 233,887-square-foot property in San Francisco for $74.5 million that will serve as the company’s headquarters beginning in Spring 2026.
The bank plans to occupy 100,000 square feet of the 88 Kearny Street property following the expiration of its current lease at 595 Market Street. The remaining space will be leased to a combination of new tenants and existing tenants.
The property was constructed in 1986, last purchased in 1999, and renovated in 2020. The bank funded and capitalized the purchase entirely on its balance sheet and does not expect the transaction to have any material effect on its financial performance.
“We are thrilled to have won a competitive bidding process on the 88 Kearny Street property, which will serve as our headquarters with plenty of capacity to support current and future workforce growth,” said CEO Scott Sanborn. “LendingClub has been proud to maintain an award-winning workplace in downtown San Francisco since 2012 and we’re happy to reinforce our commitment to the city, which is home to amazing talent and has long been a hotbed of innovation. The expiration of our lease coincided with historically low San Francisco commercial real estate pricing allowing us to acquire an institutional quality asset at a fraction of pre-pandemic cost with no expected impact to our financial performance and the potential for upside as San Francisco recovers.”
