Schwab's Former Headquarters Now on the Market
Schwab will keep its offices in the San Francisco building through April 2028, despite moving its base to Texas in January.
Charles Schwab officially moved its headquarters to the Dallas area in January, about three months after it wrapped up its $22 billion purchase of TD Ameritrade. Now, the building that houses its remaining offices in San Francisco — located in a 17-story structure owned by Blackstone Group — is up for sale.
The price? Roughly $400 million, according to the San Francisco Business Times, which notes that Blackstone bought the building for about $310 million in 2017 and is now offering it at 25% discount to market prices.
Schwab is set to keep its offices in the building through April 2028, despite moving its base to the Lone Star State, through a lease agreement.
“Schwab was founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue,” according to a company spokesperson. “Schwab continues to hire in the Bay Area and expects to retain a sizable corporate footprint in the city.”
Schwab — which said in a regulatory filing Friday that it will take a $200 million charge in the second quarter related to a U.S. Securities and Exchange Commission probe of its robo-advisor platform — had some 32,000 employees worldwide as of March 31.
Its businesses also include 10 operating centers and 420 branches across the globe. As of May 31, the firm’s total assets under management were $7.4 trillion and the number of financial advisors that it works with is roughly 13,000.
(Image: Christopher Dilts/Bloomberg)