Palo Alto's stock of tech companies in town is dwindling with Hewlett Packard Enterprise's plans to move its headquarters south to Santa Clara, the company announced Thursday.
Hewlett Packard Enterprise plans to relocate its base by the end of 2018 and sell its current building at 3000 Hanover St., company executives said in a press release.
The Palo Alto site is currently valued at $107,743,736, according to Santa Clara County Assessor's Office.
Hewlett Packard Enterprise (HPE) has spent the past two years transitioning into a "smaller, nimbler company," Hewlett Packard Enterprise CEO Meg Whitman stated in a press release.
Employees will be moved to newer locations in Santa Clara, which will become the new global headquarters, as well as Milpitas and San Jose.
The recently built Santa Clara location already serves as the headquarters for its subsidiary Aruba, which provides wireless networking services.
"I'm excited to move our headquarters to an innovative new building that provides a next-generation digital experience for our employees, customers and partners," Whitman said. "Our new building will better reflect who HPE is today and where we are heading in the future."
Hewlett Packard Enterprise will maintain its partnership with HP Inc. to maintain the Founder's Office of Bill Hewlett and Dave Packard in Palo Alto and the HP garage on Addison Avenue in Palo Alto where the company was founded, company executives said.