LendingClub—the parent company of LendingClub Bank—announced it has entered into a definitive agreement to acquire a 233,887-square-foot property located at 88 Kearny Street in San Francisco for $74.5 million. This property, which will serve as the company’s headquarters starting in Spring 2026, leverages the bank’s balance sheet to buy an attractive asset that has the potential to appreciate in value over time.
The bank plans to occupy 100,000 sq. ft. of the Kearny Street property 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.
The bank had funded and capitalized the $74.5 million purchase entirely on its balance sheet, which is not expected to have any material effect on its financial performance.
More than a third of LendingClub’s more than 1,000 employees are based in the San Francisco, CA headquarters, and the company has additional offices in Boston, MA, New York, NY, and Lehi, UT.
The deal is subject to customary closing conditions and is expected to close in the second quarter.
KEY QUOTES:
“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. 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.”
Scott Sanborn, LendingClub CEO
“LendingClub knows what we all know: San Francisco is worth betting on. My administration is focused on creating the conditions for growth, including safe and clean streets, and this long-term investment in 88 Kearny shows that companies see the momentum. San Francisco is on the rise—and we’re just getting started.”
San Francisco Mayor Daniel Lurie
“Not only is the transaction great for our brand and our employees, it makes great sense financially. As a bank, we plan to leverage our balance sheet to make the transaction efficient from a capital and funding standpoint. Under conservative assumptions, 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.”
Drew LaBenne, LendingClub’s Chief Financial Officer
