LendingClub Moving Office Across the Street

The latest SEC 8K filing reports that LendingClub is soon to move out of its current San Francisco, CA office space in Stevenson St. and in to a new building across the street on Market St. We suspect this is to accommodate the increasing size of their team as previously mentioned in an earlier post on the 90 job openings a few months ago.

LendingClub make use of the 10 year lease to occupy 112,000 sq. ft of space over 8 floors in a newer, larger building. They would be spending $4 million and $6 million for fiscal years 2016 and 2017, respectively. The lease will be between $7-9 million per year thereafter expiring in 2025.

LC lease 2015