Stripe, which is considered as one of the most valuable startups across the globe, recently made an important announcement. One of its officials stated that the company might leave its city of origin – San Francisco.
The company which is into Payment Processing matters is currently valued at $35 billion. Two insider sources who are now familiar with the potential plans of this startup stated that it plans to move to a place which is in South San Francisco. The new location is ten miles away from the current situation where the office has been functioning.
The insider person further stated that it is due to a lack of office space that the company decided to move away from its current location. Current headquarter of Stripe is located in the South of Market region at 510 Townsend Stand. The insiders refused to reveal their respective identity since they were unauthorized to speak to the press regarding this matter.
The downtown vacancy rate of San Francisco is currently below 5%. The different offices have now got limited options to grow in that environment.
Mike Manning, who is Spike’s spokesperson stated that the company is not having any specific plan to announce as of now neither it wants to comment on the different speculations from the media. However, its official is considering how they can expand the startup’s global presence by adopting different methodologies. The city of San Francisco facing the challenge of lack of office space is a severe issue for any company which is big or small. Stripe is no exception to this matter.
As of now, the startup is considering a lease which is part of Oyster Point Project. It belongs to developer Kilroy Realty. The waterfront campus, which is currently under construction has an area of 2.5 million square foot. Earlier this area used to be a biotech hub.