American Express Ventures, the venture capital arm of financial services provider American Express, is expanding in Palo Alto’s downtown by taking up the empty space left by Zibibbo, a restaurant that closed its doors after 17 years in April 2014, according to the Silicon Valley Business Journal.
Amex has signed a 10-year lease on the property, which has 12,000 square feet of office space. The move into the new offices, which are a short walk from Stanford University, underlines the district’s growing popularity with investors.
Among the firms also located in the area are Accel Partners, Alloy Ventures, Focus Ventures, Bain Capital, Trident Capital, Norwest Venture Partners, Social+Capital Partnership, and North Bridge Venture Partners.
The office is headed by managing partner Harshul Sanghi, who previously led the US venture arm of telecommunications equipment manufacturer Motorola Mobility.