PayPal subsidiary Xoom will vacate its almost 80,000-square-foot lease in San Francisco by early June.
The company’s few hundred employees will work virtually with the option to work from PayPal’s San Jose headquarters, which will remain open.
The closure marks the second in San Francisco since late 2020 for PayPal.
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A PayPal spokesperson said that the company “remains fully committed to the Bay Area and to California” and would continue to grow its business and workforce there.
They said: “The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility.”
The firm subleased 101,000 square feet of space up for sublease at 123 Townsend St., an office building a few streets from Oracle Park in 2020.
In the fourth quarter of 2013, Xoom negotiated a lease for three floors about 80,000 square feet, at the 38-story 425 Market St. building.
PayPal did not reply to any queries regarding its decision to close its Market Street site, nor did it say if it planned to sublease the space for the remainder of its lease term.
The building’s other tenants include a startup MetroMile, legal firms Morrison & Foerster and Hanson Bridgett, Sephora as well as IBM.
Xoom, a payment remittance provider was acquired by PayPal in 2015.
Source: Bizjournals
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