PayPal to close S.F. office, citing flexible work policy

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PayPal is closing its San Francisco office at 425 Market St. in June as the payments giant shifts to flexible work.

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The San Jose-headquartered company said it was continually evaluating its workspace to maximize efficiency and collaboration.

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“The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility,” said a company spokesperson. “PayPal remains fully committed to the Bay Area and to California, and we will continue to hire into and invest in our business and people working within the state.”

The offices at 425 Market St. were originally the headquarters of Xoom, which PayPal bought for $890 million in 2015. Xoom leased 53,017 square feet in the building at the end of 2013, according to regulatory filings.

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It isn’t the only tenant departing. Sephora is closing its U.S. headquarters at 425 Market St. and moving it to 350 Mission St. next year. MetLife and Norges, Norway’s sovereign wealth fund manager, own the property.

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ABC7 first reported the closure.

At the end of 2021, PayPal had 30,900 employees, with around 42% in the U.S., according to its annual report.

The company reported first-quarter earnings of $509 million on Wednesday. Shares rose 11.5% to $92.09 on Thursday, but are still down from over $308 per share last June.

Chronicle staff writer Andres Picon contributed to this report.

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Roland Li is a San Francisco Chronicle staff writer. Email: roland.li@sfchronicle.com Twitter: @rolandlisf





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