Seattle-based real estate tech company Flyhomes is downsizing its office footprint downtown.
Company spokesperson Justin O'Neill on Thursday confirmed Flyhomes moved out of its roughly 9,000-square-foot space near the waterfront at 1201 Western Ave. on Sep. 1. Flyhomes now occupies a roughly 4,000-square-foot downtown space in the Logan Building at 500 Union St.
O'Neill said in an email Flyhomes' lease was up and the company signed the 1201 Western Ave. lease before the Covid-19 pandemic and adopting remote-first work.
"We simply don't need the same amount of office space we did previously," O'Neill said in the email. "We still have staff coming into the office on a daily basis, and there's certain days of the week when entire teams come in to meet, but not to the same degree we had prior to the pandemic."
The cut in office space comes after Flyhomes has conducted three rounds of layoffs since July 2022 as the housing market cooled in response to increasing mortgage rates and waning demand. The company at the start of 2022 told the Business Journal it had about 820 employees. It now has fewer than 400 listed on LinkedIn.
Flyhomes, founded in 2016, allows homebuyers to present all-cash offers so they can stand out. After moving into their new homes, buyers can transition to a long-term mortgage, either through Flyhomes or an outside lender. Sellers can also list their homes on Flyhomes, and users can search homes.
Flyhomes raised a $150 million Series C round in 2021. The company is backed by Norwest Venture Partners, Battery Ventures, Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow co-founder Spencer Rascoff, Andreessen Horowitz and Canvas Ventures.
In September, Flyhomes acquired Home Sale Assured, a company that helps customers buy their new home before selling their old one. The companies didn't disclose the terms. Flyhomes in February acquired host-to-own startup Loftium, also for an undisclosed amount.
