Slideshow Hewlett Packard Enterprise was established on Nov. 1, 2015. Run by CEO Meg Whitman, it consists of the Enterprise Group and Financial Services. Photo by LPS.1, courtesy Wikimedia Commons. Previous Next

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.