Afterpay Selects San Francisco For North American Headquarters

May 27, 2021,

You can never come home again.

Unless it’s your home office.

After a pandemic slump, when office workers were sheltering in, once declining, demand for office space is on the rise again.

On May 27, 2021, as reported at globest.com, “Since January, demand for office space is up 117.9% nationally.”

This is great news for San Francisco.

During the pandemic, the headlines were reading very differently.

The amount of available sublease office space in San Francisco more than tripled during the pandemic.

The editorial team at cnbc.com shares, “The overall office vacancy rate in San Francisco climbed to 18.7% in the first quarter from 6% a year earlier, Cushman & Wakefield reported in its market overview for the period.”

There is good news for San Francisco in this still lucrative market.

Afterpay has announced San Francisco as the home of its new North American headquarters.

Who is Afterpay?

Afterpay Limited, abbreviated as APT, is an Australian financial technology company operating in Australia, the United Kingdom, Canada, the United States, and New Zealand.

Afterpay is best known for its "pay later" service that allows in-store and online customers to purchase a product immediately and pay for it later with four equal repayments. The repayments are interest-free, but if they are not paid every 2 weeks as required, late fees are accrued.

The business insiders at investopedia.com educate, “Afterpay allows eligible shoppers to buy now and pay later with no interest, no credit checks, and no fees when they pay on time. The service is available at thousands of retailers around the world through the Afterpay app.

When you make purchases with Afterpay your payments are split into four installments. You make an initial down payment against the purchase, then have a six-week period in which to make your remaining payments.”

What will they think of next?

We’re certain they have the attention of credit card companies around the globe who actually are wondering what Afterpay will think of next.

As of February 28, 2020, Afterpay was recorded to have 3.6 million active customers in the US, 3.1 million active customers in Australia and New Zealand, and 0.6 million active customers in the United Kingdom.

Millennials are Afterpay's main customer demographic, comprising 75% of all users.

Another significant segment of Afterpay's customer base is university students, of which one third have been found to use short-term borrowing.

Afterpay has been ‘extremely popular among young women’ and has garnered a loyal customer base, as shown through a Facebook group titled “We love Afterpay” which has over 124,000 members.

There is some thinking that he rise of borrowing platforms such as Afterpay has been seen as a cause of decreasing credit card use and the paying of the high interest rates that go with that.

So where in San Francisco are they locating?

You’ve probably seen this iconic building on so many post cards.

The Phelan Building is an 11-story office building located at 760 Market Street in the Financial District of San Francisco, California. It has a triangular shape reminiscent of the Flatiron Building in Manhattan, New York City, with its tip at the meeting point of Market Street, O’Farrell Street, and Grant Avenue.

Yes, it is a San Francisco Designated Landmark.

Well, if you’re going to do something, do it right and do it iconic.

Excitement is spreading to the San Francisco office space community.

Afterpay would like to share some of that excitement with you.

Afterpay Selects San Francisco as its North American Headquarters

The company welcomes Bay Area employees to newly remodeled 50,000 square foot space in the historic Phelan Building.

News provided by

Afterpay

May 26, 2021, 08:00 ET

SAN FRANCISCO, May 26, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced San Francisco as the home of its new North American headquarters.

Based in the 11-story landmark Phelan Building at 760 Market Street, Afterpay's new North American headquarters is situated between the technology and retail hubs of Financial District and Union Square - making it the ideal location to support the company's rapid growth in North America.

Afterpay will occupy a 50,000-square-foot space across two floors for its 300+ Bay Area-based employees. The layout and features of the office will support Afterpay's new flexible workplace approach - allowing employees to work from the office, remotely, or a hybrid of the two. The office will feature more than 25 conference rooms, a large space to host company-wide meetings and events, product testing lab, game area, full-service coffee bar, and several open collaboration spaces.

"Afterpay's new office and its location perfectly captures Afterpay's business at the intersection of technology, finance, shopping and culture," said Nick Molnar, Co-CEO and Co-Founder at Afterpay. "We are so thrilled to establish our North American headquarters in this great city and welcome our employees to this beautiful space which combines the city's rich history with a modern and flexible work environment."

With its triangular-shaped architecture, the Phelan Building is reminiscent of the Flatiron building in New York and was built after the original structure was destroyed by fire in the San Francisco 1906 earthquake. The building was renovated in recent years with a unique architectural interior that features exposed ceilings and other creative finishes, while still preserving historic San Francisco.

Afterpay is working with RAISE, a technology-powered commercial real estate brokerage, across workplace strategy, brokerage and construction project management. The companies did a diligent review of the entire market before settling on the Phelan Building, which is the only building of its kind and has the tech and creative capabilities that make it a great place to work in San Francisco.

Afterpay was named one of this year's Best Places to Work in the Bay Area by the San Francisco Business Times and the Silicon Valley Business Journal, and is committed to building on this with its new office location.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or extended debt. As of March 2021, Afterpay is offered by nearly 86,000 of the world's favourite retailers, and is used by nearly 15 million active customers globally.

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

SOURCE Afterpay

Related Links

http://afterpay.com

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https://www.globest.com/2021/05/27/office-space-demand-continues-to-grow-as-companies-make-space-decisions/?slreturn=20210427080511

https://www.cnbc.com/2021/05/14/san-francisco-tech-companies-sitting-on-record-amounts-of-empty-space.html

https://en.wikipedia.org/wiki/Afterpay

https://en.wikipedia.org/wiki/Phelan_Building

https://www.investopedia.com/how-afterpay-works-5184682 

https://femcompetitor.com/

https://grapplingstars.com/

https://www.fcielitecompetitor.com/

https://fciwomenswrestling.com/