Patelco Credit Union's headquarters has outgrown its space in Pleasanton and will soon be moving into a larger office building in Dublin that the firm recently purchased, according to company officials.
The transition is still in the early planning stages, but officials with the credit union say that right now the move is projected to happen in the next 18-24 months. The new space near the Hacienda Crossings Shopping Center is 1.5 miles away from Patelco's present corporate office at 5050 Hopyard Road -- and over three times the size.
"Patelco Credit Union continues to grow at a healthy pace, and the credit union has already out-grown the current location," said Erin Mendez, CEO of the not-for-profit institution. "We needed to find a home that would support us into the foreseeable future that aligns with our growth trajectory."
Patelco purchased the new space at 3 Park Place on July 9 for $55 million. The building previously housed software company SAP.
Mendez said that in consideration of their existing team, they had wanted to find a place as close to the current spot as possible, specifically within a three-mile radius.
"Unfortunately, Patelco was not able to locate a suitable location within Pleasanton, but it will remain a key part of our past, present and future," Mendez said. "We will continue to serve this community and the broader northern California region."
The new building in Dublin is about 210,000 square feet, compared to the 62,000 square feet at the present space on Hopyard Road. It is situated near the Dublin/Pleasanton BART station, and includes a gym and outdoor facilities, "along with sufficient room to grow," according to Mendez. Patelco is planning on leasing parts of the new building at first, she said, until they need the additional office space.
"Economically, the purchasing of this building will enhance the financial position of the credit union, which Patelco can then pass along to its members through new products, services and improved rates and fees," Mendez said.