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

Property Image
SOLD
$74,500,000
Michael "Mike" Taquino
Kyle Kovac

California

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Office234,000 SF
Sold 04/17/2025
the dealplayerscompscontact
Property Image
SOLD

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

88 Kearny Street

See Similar Deals
Office234,000 SF
Sold 04/17/2025
Michael "Mike" Taquino
Kyle Kovac
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$318
Total Square Footage:234,000 SF
Transaction Type:Sale

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.

Players

Michael "Mike" Taquino
CBRE
Michael Taquino
11 deals$557.3M volume
BROKER
Kyle Kovac
CBRE
Kyle Kovac
10 deals$903.8M volume
BROKER
LendingClub Bank
LendingClub Bank
BUYER

Details

SOLD
IMAGE: Scott Sanborn, Thasunda Brown Duckett, Kyle Kovac & Michael Taquino DATE: 04/17/2025 ADDRESS: 88 Kearny Street MARKET: San Francisco ASSET TYPE: Office BUYER: Scott Sanborn - LendingClub SELLER: Thasunda Brown Duckett - Teachers Insurance and Annuity Association of America BROKERS: Kyle Kovac (@KyleKovac) & Michael Taquino - CBRE (@CBRE) SALE PRICE: $74,500,000 SF: 234,000 ~ PPSF: $318 NOTE: LendingClub acquired the 234,000-square-foot office tower at 88 Kearny Street for $74.5 million, or $318 per square foot, from TIAA for its new headquarters. The deal reflects a growing trend of owner-user buys in San Francisco’s distressed office market, where values have plummeted to nearly a third of pre-pandemic highs.

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