American Express's venture capital unit has moved to a new, larger premises in Silicon Valley, joining a raft of VC firms located nearby.

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…