OfferUp is more than quadrupling the size of its headquarters in Bellevue, Wash. as the mobile marketplace begins to put the $130 million it raised last year to work.
OfferUp confirmed a report from real estate firm Broderick Group that it has signed a new 71,330-square-foot lease for a building called Mercer Pointe. The building is right next door to its current 17,000-square-foot office the Bellefield Office Park. An OfferUp spokeswoman told GeekWire that the company will move to the new building next door in the fall and vacate its current headquarters space.
The fast-growing company has been on a hiring spree for the last couple years and has outgrown its current home. OfferUp has more than 200 employees today, up from about 100 a year ago and 45 around this time in 2015.
Among those hires are some big name personnel, including Peter Wilson, site director for Google’s expanding Kirkland campus, to be vice president of engineering and long-time Zillow executive Chloe Harford, who will join OfferUp as new vice president of product. The company has another 15 open positions listed on its website, mostly in engineering.
Last September, OfferUp confirmed that it had raised $119 million, at a valuation in excess of $1 billion. Then in November, OfferUp raised another $11 million with PayPal co-founder Max Levchin as an investor.
Founded in 2011, OfferUp was started by Nick Huzar and Arean Van Veelen after they struggled to find ways to unload household items that had accumulated in their homes. The mobile buying and selling service has grown rapidly in its six years of existence, and according to its website is on track for $14 billion in transactions. It is far from the only online marketplace, with competitors like Craigslist, and recently Facebook Marketplace, to deal with.
Much of the growth for tech companies in the Seattle area has come in dense urban areas such as downtown Bellevue and the South Lake Union neighborhood in Seattle. OfferUp has gone a different direction, choosing to grow in a less dense area south of downtown Bellevue in a more traditional suburban office park.
The 15-building Bellefield campus itself has seen tremendous change over the years after it was purchased in 2014 by Lionstone Investments and Talon Private Capital. The owners put millions into upgrading the office park, bringing in food trucks and other activities, adding gathering spaces and recently a gym.
When Expedia announced plans to move its headquarters from downtown Bellevue to the Seattle waterfront, observers were concerned that Bellevue’s office market was in deep trouble. Amazon’s expansion into Bellevue and growth from companies like Valve, WeWork and Pokémon have assuaged some of those fears. According to the Broderick Group report, there are only four blocks of available space over 100,000 square feet, and another 11 spaces of 50,000 to 100,000 feet.
In addition to OfferUp’s big expansion, the Broderick Group reported that Microsoft has renewed leases totaling more than 730,000 square feet at off-campus buildings in Bellevue and Redmond. Though it was once assumed Microsoft would turn inward and focus its growth on the Redmond campus, giving back space in other office buildings, so far that hasn’t been the case.