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May 15, 2014

Credit Karma leases new San Francisco headquarters in 760 Market St.

San Francisco Business Times

Blanca Torres

Another tech company is expanding in San Francisco. Credit Karma, an online credit score provider, took the last remaining space - 46,000 square feet on two floors - in the Phelan Building at 760 Market St.

Credit Karma, which recently raised $85 million in a round of financing led by Google Capital, joins other tech tenants that have moved into the historic Phelan such as Medium, a new venture from Twitter co-founder Evan Williams; Voxer, a maker of a 'walkie talkie' app; and Appirio, a global cloud consulting group. On the non-tech side, Sears, the department store chain, leases space for its West Coast apparel office.

"The Phelan Building is a San Francisco landmark; an attraction for residents, visitors and tourists alike," said Joseph Sitt, CEO of Thor Equities, Phelan's owner. "The iconic building continues to attract leaders in the tech space and across a wide spectrum of industries. With its ideal location and its brand new, world-class, amenities, the building is a notable leader in the creative tenant office market."

The 11-story building, built in 1908, straddles the financial district and Union Square on a triangular-shaped corner between Market and O'Farrell streets. New York-based Thor Equities bought the building close to six years ago, renovated it and targeted technology tenants to fill it.

"The property now features a unique blend of the classic aesthetics with updated amenities," Sitt said. "Every detail of the building was designed to cater to the needs of today's workers, from bike racks to showers."

Credit Karma, founded in 2007 in San Francisco, has been growing its users and financial base for a total of $118.5 million in venture capital funding. The company has distributed more than 20 million credit score reports to U.S. consumers without charge and expects that number to grow by at least another 14 million this year.

The landlord was represented by Mike Brown, Bill Benton and Roman Adler of Cornish & Carey Commercial Newmark Knight Frank. Credit Karma was represented by Paul Picciani & Blake Lugar of Kidder Mathews.

For the full story, go to San Francisco Business Times.

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