February 3, 2016
PayPal co-founder Max Levchin’s financial tech firm, Affirm, is reportedly in talks to take over a portion of subleased space at Twitter’s HQ, 1355 Market St. in San Francisco. The space, formerly occupied by One Kings Lane, fits into Affirm’s expansion plans.
Brokers familiar with the deal say Twitter had 52,000 square feet of “beautiful, pre-built space” that was offered as a three-year sublease. Intense competition for the space reportedly pushed the lease rate into the $70 psf range.
Brokers believe having quality sublease space available is healthy, because it serves as a “release valve” that “feeds an important part of the ecosystem.” For early-stage companies, capital can be used to grow, rather than be diverted into building out a new space.
Affirm, which provides financing for consumers, would relocate from its 225 Bush St. address.