LendingClub Acquires Office Tower At 88 Kearny Street In San Francisco For $74.5M

The office asset involved in the transaction is located at 88 Kearny Street in San Francisco. The property was sold for $74.5 million, featuring a total area of 234,000 square feet with a price per square foot of $318.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $74,500,000
• Buyer: Scott Sanborn - LendingClub
• Seller: Thasunda Brown Duckett - Teachers Insurance and Annuity Association of America
• Brokers: Kyle Kovac & Michael Taquino - CBRE
• Square Footage: 234,000
• Price per Square Foot: $318

The deal was executed as LendingClub obtained the property to serve as its new headquarters, reflecting a trend of owner-user purchases in the office market of San Francisco, which has experienced significant decreases in property values since the pandemic.