Cassidy Turley Significant Deals in Northern California – June 15, 2012
Investor Buys 92,000 SF Historical Office/Retail Building in Downtown Oakland for $7.5 Million in REO Sale
June 15, 2012 – John Dolby and Dane Hooks now with Cassidy Turley and Rick Bland of Cornish & Carey Newmark Knight Frank have successfully represented the Seller in the bank-owned investment sale of 1500 Broadway, a ±92,000-square-foot mixed-use (office over retail) building in downtown Oakland for $7,500,000 ($81.52 psf). The buyer was Hamilton Zanze & Co., which acquired the property just over six months after title had been taken back by the Lender in late November 2011. The 4-story building has a variety of tenant types with around 20% of the area dedicated to ground floor retail and general offices on the remaining three floors above. It also contains approximately 48 underground parking stalls. The property qualifies for governmental uses and currently houses a large government user, GSA, which occupies 26% of the building (or 33% of the office area above the retail space). The other larger tenant in the building is Fair Trade. The building was approximately 70% occupied at the time of sale, providing diversified income from retail, office, dental and government tenancies. Additionally, a variety of prospective tenants have expressed interest in the remaining space.
1500 Broadway was built in two phases in 1923 and 1975; then renovated in 1990. The buildings are connected with different exterior architecture. The property was designed as a mixed-use retail / medical / office building. Floor plate layout, bay depths and abundant window lines create very attractive office spaces. Multiple store fronts on Broadway with rear service entrances and a corner location at 15th Street provide excellent retail utility and value. On July 1, 1998 the property was placed on the California and the National Registers Of Historic Places.
The historic property is located in downtown Oakland on the main artery, Broadway, in the up-and-coming uptown district in the Oakland Commercial Business District. The site offers direct access to Interstates 980/580 and 880, is positioned just two Blocks from the 19th Street BART station, and is less than 20 minutes from Oakland International Airport.
Ex’pression College for Digital Arts Opening New Branch Campus at Ridder Park Tech Center in North San Jose, College Leases 64,983 SF Building
June 15, 2012 – Steve Horton with Cassidy Turley in collaboration with Sherman Chan and Jeff Houston of CB Richard Ellis represented landlord Hines Development in the lease of an entire 64,893-square-foot R&D/office building at the Ridder Park Technology Center in North San Jose. The new tenant is Ex’pression College for Digital Arts, a private for-profit college which offers bachelor degree programs for sound arts, motion graphic design, game art and design and animation and visual effects. Ex’pression Digital College’s main campus is located in Emeryville and this new North San Jose location, located at 1751 Fox Drive just off Highway 880 and Brokaw Road, will serve as a branch campus.
Ridder Park Technology Center is High image five building Office/R&D campus in North San Jose that is centrally located with prime signage visibility on Interstate 880, excellent access to Highway 680, Highway 101, and the San Jose International Airport. An extensive selection of restaurants and other retail amenities are located near the campus.
8x8, Inc. Moving/Expanding Headquarters From Sunnyvale to 104,657 SF Class A Building in North San Jose
June 15, 2012 – Erik Hallgrimson and Eric Fox with Cassidy Turley and Craig Fordyce with Colliers International represented Cannae Partners and O’Nel Office Holdings, LLC, in the lease of a 104,657-square-foot Class A R&D/office building in North San Jose to 8x8, Inc., a leading provider of cloud communications and computing solutions.
8x8, Inc. is doubling its space commitment as it expands from its former 51,680 square feet in Sunnyvale. The company’s new headquarters will be in a recently renovated, two-story freestanding building located at 2125 O’Nel Drive. The property is conveniently located near the San Jose International Airport and provides easy access to Highway 101 and Highway 87.
8x8, Inc., which was represented by Dave Fukuda and Tom Taylor of CB Richard Ellis, signed a long-term lease agreement and is scheduled to relocate its headquarters in August 2012.
Autodesk Completes Long-Term Renewal/Expansion for Entire 46,766 SF Building in San Rafael
June 15, 2012 – Brian Foster and Trevor Buck with Cassidy Turley represented landlord Broadreach Capital Partners (BRCP) in renewing and expanding existing tenant Autodesk into an entire 46,766-square-foot Class A office building in San Rafael. The property is located at 3900 Civic Center, positioned in BRCP’s Civic Center Plaza. Autodesk, which penned a long-term agreement, had previously put one of the building’s floors of 15,000 square feet on the market for sublease but now will expand back in once the company completes its tenant improvements. 3900 Civic Center is a freestanding 3-story LEED certified building with signage adjacent to Highway 101. It is located one block from the Northgate Mall and adjacent to County of Marin Headquarters and Public Office. The property offers an outdoor seating area, abundant glass line and adjacent to open space and walking paths. Autodesk’s worldwide headquarters is located at 111 McKinnis Parkway in San Rafael.
McLellan Estate Co. Acquires 41,000 SF Investment Property in East Bay for $7.5 Million; Fully Leased to Paramedics Plus
June 15, 2012 – Scott O’Brien and Ron Labetich with Cassidy Turley represented buyer McClellan Estate Company in the investment acquisition of a ±41,000-square-foot commercial property in San Leandro for $7,500,000 ($183 per square foot). The seller was Anthony Batarse Jr. The property is located at 575 Marina Boulevard and is fully leased to Paramedics Plus, which provides ambulatory service in the East Bay. Originally constructed in 2005/2006, the single-story, high-image building is comprised of 13,000 square feet of office space and 28,000 square feet of warehouse space and is situated on 5.43 acres. The property features great identity and is well positioned along Marina Boulevard at the intersection of San Leandro Boulevard. It is located midway between and is easily accessible to Interstates 880 and 580. McLellan Estate Co., established in 1932, is a privately held real estate investment company headquartered in Belmont, CA whose principal assets include residential, commercial, and industrial properties in Northern and Southern California.
Legacy Baytech Park Quickly Fills Occupancy with New Tenants Zscaler and Restoration Robotics
June 15, 2012 – The listing team of Alan Guterman, Steve Horton, Gregory M. Davies, and Randy Arrillaga with Cassidy Turley have represented landlord Legacy Partners in two new lease transactions totaling 51,143 square feet at the Legacy Baytech Park in North San Jose. The larger of the two tenants joining the project is Zscaler, a cloud-delivered security service provider, which penned a lease of 27,988 square feet for the entire ground floor at the building at 110 Baytech Drive. The second tenant joining the project is Restoration Robotics, a privately held medical device company dedicated to revolutionizing the field of hair transplantation, which took 23,155 square feet of space within the single-story building at 120-128 Baytech Drive. The two leases comprise nearly one third of the total project size and immediately brings the park to 85% occupancy. The Cassidy Turley team is also currently in negotiations with other potential tenant(s) in the project. Other major tenants currently located in the project include Aspect Communications and Gigoptix. Ideal for research and development companies, Legacy Baytech Park consists of four office/R&D buildings totaling 187,742 square feet strategically positioned at Highway 237 and North First Street, with easy access to Highway 101, Interstate 880 and the San Jose International Airport. Hotels, restaurants and retail amenities, such as the new @First Shopping Center, and golf are also located nearby.
Stella & Dot Leases 27,080 Square Feet for New Corporate Headquarters in San Bruno
June 15, 2012 – Kevin Waldman with Cassidy Turley represented Stella & Dot (tenant) in the company’s new headquarters lease of 27,080 square feet at 1111 Bayhill Drive in San Bruno, located in Equity Office’s Bayhill Office Park. The company is relocating from a 17,000-square-foot space to accommodate growth.
Stella & Dot, an Inc. 500 Fastest-Growing Company, is a social selling company that creates flexible entrepreneurial opportunities for women. The company's innovative social shopping concept brings together the best of ecommerce, social media, personal service and passionate earning to create the ultimate home based business for today's modern woman.
EO Products Relocating/Expanding to 38,000 SF Building in San Rafael; Marin County’s Largest Industrial Lease
June 15, 2012 – Brian Foster and Trevor Buck with Cassidy Turley Trevor represented tenant EO Products in the company’s recent lease of an entire 38,000-square-foot industrial/manufacturing building at 90 Windward Way in San Rafael. Founded in 1995, EO Products, a manufacturer of organic body care products, is relocating and expanding from 22,000 square feet in nearby Corte Madera. 90 Windward Way is owned by Universal Portfolio and is the tallest industrial building in Marin County. The property was a build-to-suit for George Lucas’ Industrial Light and Magic, operating under Kerner Optical. EO Products will use the facility to produce and package its products and plans to remodel its new space before occupying in the fall. The transaction is recognized as the largest industrial lease in Marin County.
Wikimedia Foundation Adds Another Full-Floor to San Francisco HQ, Brings Occupancy to 33,757 SF
June 15, 2012 – Jim Chesler, Jason Burch and Charlie Moore with Cassidy Turley have represented landlord 149 New Montgomery, LLC in expanding existing tenant Wikimedia Foundation into an additional 11,335 square feet of office space in San Francisco. The expansion brings Wikimedia’s total headquarters occupancy to 33,757 square feet on three full floors (3, 5 and 6) of the 6-story building located at 149 New Montgomery Street, positioned just south of Market Street. Wikimedia had moved into the 3rd floor of the building in 2009 and has expanded twice since, each time growing by a floor. The space houses the company’s tech and usability team and its fundraising, strategy, legal, communications, and administration.
Owner/User Buys 25,280 SF Industrial Building for $2.7 Million in Petaluma
June 15, 2012 – Niels von Doepp with Cassidy Turley represented buyer Kleinheinz, LLC in the acquisition of a 25,280-square-foot industrial building in Petaluma for $2,702,500 ($106.90 per square foot).