Updated May 12, 2025
LendingClub Acquires Office Tower At 88 Kearny Street In San Francisco For $74.5M
88 Kearny Street
$74,500,000
$318/SF
Building Size
234,000 SF
Asset Type
Office
Closing
Apr 17, 2025
About this deal
AI
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.
On the Map
$74,500,000
$318/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93