How Silicon Valley Bank's collapse could impact its Tempe office space

SVB office Tempe
Posted at 8:40 AM, Mar 15, 2023
and last updated 2023-03-15 11:40:07-04

TEMPE, AZ — The collapse of Silicon Valley Bank could leave space at a prominent Tempe office park in limbo.

The Santa Clara, California-based bank has been leasing at Hayden Ferry Lakeside I, right on the Tempe Town Lake waterfront. The bank announced it has been operating at more than 150,000 square feet at the building as of 2019. The website lists that it is working in Suite 101 at 80 E. Rio Salado Pkwy.

The fate of Silicon Valley Bank’s bank branches, its 160,000-square-foot Santa Clara headquarters and its other offices, such as Hayden Ferry Lakeside — will largely depend on whether the Federal Deposit Insurance Corp. can secure a buyer for the California-based bank, according to sister publication San Francisco Business Times.

“When banks were being closed in the 2008 period, the FDIC worked hard to find a buyer, and buyers typically, though not always, would acquire the bank and its real estate,” Michael Wick, a 30-year veteran of the banking industry, told the San Francisco Business Times. “But ultimately it was up to that buyer what they would keep and what they would reject.”

Read more of this story from the Business Journal.