LendingClub Corporation (NYSE: LC) has announced its acquisition of a 233,887 square foot property located at 88 Kearny Street in San Francisco for $74.5 million. The property, which will serve as the company's headquarters beginning in spring 2026, was funded and capitalized entirely on its balance sheet and is not expected to have any material effect on its financial performance.
The bank plans to occupy 100,000 square feet of the Kearny Street property starting in spring 2026 following the expiration of its current lease at 595 Market Street. The remaining space will be leased to a combination of new and existing tenants.
LendingClub CEO, Scott Sanborn, expressed his enthusiasm for the acquisition, stating that the purchase is economically comparable to leasing space in the San Francisco market, with potential upside as leasing and property values recover in the Bay Area.
This move comes as over a third of LendingClub's more than 1,000 employees are based in the San Francisco headquarters, with additional offices in Boston, New York, and Lehi. The company has received numerous top workplace awards for its culture, values, and benefits.
The property, constructed in 1986, was last purchased in 1999 and renovated in 2020. San Francisco Mayor Daniel Lurie also commented on the investment, noting that it reinforces the city's momentum and growth.
This acquisition underscores LendingClub's commitment to the city of San Francisco and its confidence in the potential for appreciation in the value of the property over time. Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $9.5. Check out the company's full 8-K submission here.
