LendingClub to acquire headquarters property in San Francisco for $74.5M

LendingClub (LC) 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 $74.5M. The property, which will serve as the company’s headquarters beginning in Spring 2026, leverages the bank’s balance sheet to purchase an attractive asset that has the potential to appreciate in value over time. The transaction is subject to customary closing conditions and is expected to close in the second quarter. 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 tenants and existing tenants. The bank funded and capitalized the $74.5M purchase entirely on its balance sheet, and the purchase is not expected to have any material effect on its financial performance.