Flyhomes has a new home.
GeekWire spotted lease signs at the company’s former 9,000 square-foot Seattle headquarters near the new waterfront project. The real estate startup confirmed that it vacated the space on Sept. 1 and now occupies a 4,000 square-foot office at 500 Union St. Suite 325 in downtown Seattle.
“The move away from the waterfront was because our lease was up and because the new office we found which best met our needs happened to be in this location,” said Flyhomes spokesperson Justin O’Neill.
He added that the downsizing in space is a result of shifting to a remote-first work policy. O’Neill did not provide an updated headcount.
Flyhomes, which helps homebuyers make all-cash offers among other real estate services, has gone through multiple layoffs.
Many tech companies are downsizing or ditching office space as the Seattle real estate market continues to see rising vacancies.
Flyhomes’ exit opens up prime office space at the 1201 Western Building along Western Avenue, just across the street from Seattle’s Pier 56. The demolition of the double-deck Alaskan Way viaduct, part of ongoing waterfront renovations, opened the office to views of Puget Sound and the Olympic Mountains.
Mark Vadon, a Flyhomes investor and board member, confirmed to GeekWire that he’s a minority investor in the 1201 Western Building. Its managing owner is Seattle commercial real estate firm Martin Smith.
Founded in 2016, Flyhomes offers a suite of mortgage and home-buying services. It provides a Buy Before You Sell program that helps sellers buy and move into their next home before selling their current property. The company went through its third round of layoffs earlier this summer amid a slow real estate market.
Flyhomes acquired the host-to-own startup Loftium in February. The company also acquired assets from Home Sale Assured, a Chicago-area company that helps homeowners move into a new home without needing to sell their current home.
Flyhomes is led by CEO and co-founder Tushar Garg. It has raised more than $200 million to date, including a $150 million Series C round raised in June 2021. Investors include Norwest Venture Partners, Battery Ventures, Fifth Wall, Camber Creek, Balyasny Asset Management, Andreessen Horowitz, Canvas Partners, and former Zillow Group CEO Spencer Rascoff.
