Genetic testing company 23andMe has leased office space in Palo Alto after abandoning its larger headquarters complex in Sunnyvale.
The firm, which filed for Chapter 11 bankruptcy last year, leased 19,000 square feet at 2555 Park Boulevard in Palo Alto, the Silicon Valley Business Journal reported.
The building is owned by Cresset Trust Company, a subsidiary of Chicago-based Cresset Capital Management. Cresset purchased the office complex from The Douglas Living Trust in 2023 for an undisclosed price. The Douglas Living Trust bought the offices that same year from developer Kenson Ventures for $58 million.
23andMe’s new deal marks a significant downsizing from the 155,000-square-foot office building at 223 Mathilda Avenue in Sunnyvale it started leasing in 2019. In 2021, the company left the three-story haunts and shifted its headquarters operations to Kilroy Realty’s 65,000-square-foot building at 349 Oyster Point Boulevard in South San Francisco, the Business Journal reported.
In June, after the company went bankrupt, founder Anne Wojcicki acquired 23andMe’s assets for $305 million through her recently founded research firm TTAM Research Institute. TTAM stands for “twenty-three and me,” according to the Business Journal. That same month, 23andMe’s former headquarters at 223 Mathilda Avenue was sold by Stockbridge Capital Group to Spear Street Capital for $87.8 million.
In September 2023, 23andMe subleased 17,000 square feet of the 223 Mathilda Avenue building to cloud computing company CoreWeave. When it filed for bankruptcy six months later, the company asked courts to cancel its lease, prompting a lawsuit from CoreWeave to get its security deposit back and compel Stockbridge Capital to put the building up for sale.
23andMe was founded in 2006 and has not been profitable since it went public in 2021, according to CNN. The company is known for its direct-to-consumer genetic testing service that determines ancestry and genetic predispositions to health concerns via a saliva sample.
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