Hippo: From Palo Alto to San Jose
Hippo is trading its Palo Alto roots for a smaller San Jose footprint.
On April 14, 2025, the company officially terminated its lease for 15,000 square feet at 150 Forest Avenue in Palo Alto, agreeing to a one-time termination payment of $1.4 million.
“On April 14, 2025, Hippo Analytics Inc. (the “Company”) entered into a Second Amendment to Lease (the “Second Amendment”) with Tallwood Forest, LLC (the “Landlord”) providing for the termination by the Company of that certain Lease Agreement, dated as of June 14, 2019, as amended on January 26, 2020, by and between the Company and the Landlord (the “Lease”) of 150 Forest Ave., Palo Alto, California, 94301 (the “Property”). The Property consists of approximately 15,000 rentable square feet. Pursuant to the Second Amendment, the Company and the Landlord agreed to terminate the Lease effective as of April 14, 2025, and the Company agreed to surrender the Property and pay a one-time lease termination payment of $1,438,411 to the Landlord. The Company is currently in the process of securing office space in San Jose, CA and expects to finalize this in the near term. The move from Palo Alto to San Jose is expected to result in significant annual cost savings.”
Days later, on April 24, it signed a new lease for 6,800 square feet at One Almaden Blvd. in San Jose, where it will pay approximately $800,000 in rent over a 26-month term.
“On April 24, 2025, Hippo Analytics Inc. (the “Company”) entered into an Office Lease with KBSIII Almaden Financial Plaza, LLC (the “Lease”) for the lease of approximately 6,800 rentable square feet located at One Almaden Blvd., Suite 400, San Jose, California, 95113 (the “Property”). The Company will utilize the Property for general office purposes and will pay approximately $0.8 million in rent over the course of the twenty-six month term of the Lease.”
The relocation involved less than half the square footage of its previous office.
As of December 31, 2024, Hippo employed 478 people, with 349 based in the United States and 129 internationally. In the fourth quarter of 2023, the company initiated a cost-cutting program that included workforce reductions.
