Big Tech Moves Into Oakland while Construction Pipeline Swells

Cushman & Wakefield Releases Q2 Report for East Bay Oakland Office Market OAKLAND, Calif., July 23, 2019 – Cushman & Wakefield’s research department has released their second quarter 2019 market report for the East Bay Oakland office market. Below are the key findings from this report plus local expert commentary: VACANCY AND OCCUPANCY GROWTH BOTH ON UPSWING Vacancy in the East Bay Oakland office market was 10.5% at mid-year 2019, up modestly from a year ago, largely due to the new delivery of the 244,000-square-foot (sf) 2150 Webster building, that is unleased. Vacancy in the Oakland CBD was 10.3%, its first time above 10% in nearly five years. Keith Reichert, lead research analyst for Cushman & Wakefield’s Oakland office, said, “Despite a modest rise in vacancy, occupancy has increased by a significant 443,600 sf over the past year market wide, with the second quarter of 2019 achieving more than 200,000 [...]

Woodstock Development Acquires One Bay in Burlingame, Calif. – Cushman & Wakefield Retained for Leasing Services

BURLINGAME, Calif., July 1, 2019 – Woodstock Development is pleased to announce the acquisition of One Bay in Burlingame, California. Located at 1350 Bayshore Highway, the nine-story building is approximately 196,000 square feet of Class A office space situated on 4.75 acres along the waterfront of the San Francisco Bay. The property was acquired from New York Life Real Estate Investors and Harvest Properties. Headquartered in downtown Burlingame, Woodstock Development has been active in the Peninsula and East Bay Office and Life Science markets for over 25 years. “One Bay has historically enjoyed a strong presence in the northern and mid-Peninsula markets,” said Woodstock Development’s President Kirk Syme. “The building features a timeless design while offering unobstructed panoramic Bay views that stretch as far as downtown San Francisco and across to the East Bay, and south along the Peninsula.” One Bay currently offers a 10-minute shuttle service to the BART [...]

24Seven Taking Occupancy of 405,000 SF at North Bay Logistics Center- Transaction Ranks among North Bay’s Largest-Ever Wine Leases

VACAVILLE, Calif., June 25, 2019 – Cushman & Wakefield announced today that 24Seven Enterprises, a leading edge logistics and distribution solutions company, will soon be taking occupancy of 404,950 square feet of warehouse/distribution space at the North Bay Logistics Center in Vacaville, California. Signed earlier this year, 24Seven, the parent company to VINGO, LLC and recently acquired Pack n' Ship Direct, agreed to a long-term lease for its new facility that will house the operations for the two business lines. Owned by LDK Ventures, the North Bay Logistics Center is located at 700 Crocker Drive and features more than 843,000 sf of contiguous warehouse in Vacaville, a growing distribution hub, and ranks among the largest single-building distribution facilities in Northern California. Brooks Pedder, SIOR, John McManus, CCIM, and Tony Binswanger, SIOR with Cushman & Wakefield represented the landlord in the transaction, with Pedder and Scott Bertrand also of Cushman & [...]

Scannell Properties Acquires 183,000 SF North Bay Industrial Project for $26.45 Million

PETALUMA, Calif., June 21, 2019 – Cushman & Wakefield announced today that the firm has advised the sale of a 183,000-square-foot multi-building industrial portfolio in Petaluma, California for $26.45 million. The transaction closed in April. The seller consisted of a pair of private individuals who formerly operated their business, Sistema Plastics, at the entire project located at 755-775 South Point Blvd. The buyer was Indianapolis-based Scannell Properties. Trevor Buck, Steven Leonard and Brian Foster with Cushman & Wakefield’s North Bay office represented both buyer and seller in the transaction. The trio was also retained by the buyer to perform leasing services. “At the time of sale both buildings were fully vacant to which the portfolio had represented the largest industrial lease opportunity in the North Bay; however, already since the date of sale, we have swiftly closed two significant lease transactions in the project, and are currently in negotiations for [...]

The Companion Group Relocating Industrial Operations from SF Bay Area to Sacramento

Photo Source: CoStar SACRAMENTO, Calif., June 20, 2019 – Cushman & Wakefield announced today The Companion Group has signed a new lease that will move the company’s long-time industrial operations once housed in the San Francisco East Bay Area northbound to Sacramento, California. The Companion Group, a leading manufacturer of barbecue tools, accessories, and other products for cooking outdoors, will be relocating from Hayward into 100,800 square feet (sf) of warehouse/distribution space in the city of Woodland. The Companion Group, whose existing Hayward lease was set to expire in approximately one year, has been part of the East Bay community for more than three decades. Industrial specialists Kate Woodcox and Michael Harris with Cushman & Wakefield’s Oakland and Sacramento offices represented the tenant in the transaction. “With a higher cost industrial rental environment in the Bay Area, this was a prudent business decision by The Companion Group to [...]

Cushman & Wakefield Advises Sale of 40-Acre Site in Petaluma for $20.1 Million for New Planned Development

PETALUMA, Calif., June 19, 2019 – Cushman & Wakefield announced today that the firm has advised Silicon Valley-based Bay West Development in the sale of 40 acres of undeveloped land in Petaluma, California for $20.1 million. Located at 500 Hopper Street, Bay West had originally purchased the vacant industrial-zoned property in 2016. The buyer was Indianapolis-based Scannell Properties, whose official plans for their new development project have yet to be announced. Trevor Buck, Steven Leonard and Brian Foster with Cushman & Wakefield’s North Bay office represented the seller in the transaction. “We marketed this property as an industrial build-to-suit opportunity to a wide audience of buyers and we received strong interest from a number of different investors and developers, even outside the scope of industrial,” said Trevor Buck, Executive Director. “Scannell proved to be an ideal buyer for this sought-after property given their experience and knowledge of the local area, [...]

Cushman & Wakefield Providing Bank of the West with Integrated Facilities Management Services in the U.S.

Cushman & Wakefield Global Occupier Services Delivering Integrated Facilities Management Services for Bank of the West's 3.7 MSF Retail Branch Portfolio SAN FRANCISCO, Calif., May 29, 2019 – Cushman & Wakefield (NYSE: CWK) has announced the firm has been hired to provide Bank of the West with Integrated Facilities Management services across Bank of the West’s 3.7 million-square-foot U.S. retail branch portfolio. Executive Vice President Sean Prasad led the process for Cushman & Wakefield. Executive Managing Director Martin Woodrow, Senior Managing Director Tim Eichholz and Account Manager Jack Devoy of the firm will lead a Global Occupier Services (GOS) team providing Bank of the West with Facilities Management and Mobile Engineering services. Cushman & Wakefield’s GOS team will be utilizing its Portfolio Services Center (PSC) to support over 600 locations for Bank of the West. Comprised of 700+ professionals, the PSC provides clients with centralized Strategic Consulting, Transaction Management, Portfolio [...]

East Bay Oakland Office Market Awaits Arrival of Large Tech and New Construction to Fuel Growth

Market's 2019 Investment Sales Pricing Reaches New Heights Oakland, Calif., May 1, 2019 – The East Bay Oakland office market may have got off to a slow start in 2019, with virtually no growth and moderate leasing activity, but significant growth, driven primarily by in-migration from major tech users, awaits just on the horizon, according to Cushman & Wakefield’s new Q1 2019 market report. Meanwhile, rental rates continue to climb overall, led by rates in the region’s CBD areas, while investment sales pricing continues to reach new heights. Despite the sluggish start, the firm’s local experts maintain a highly positive outlook for the region, as a result of new tech activity plus housing opportunities. Keith Reichert, local Research Analyst with Cushman & Wakefield in Oakland, said, “Office vacancy for the East Bay Oakland market remains healthy at 9.5%, essentially unchanged from the previous quarter, while gross leasing activity totaled just [...]

Knotel Expands in San Francisco with 52,285 SF Multi-Floor Lease at 455 Market Street

SAN FRANCISCO, Calif., April 24, 2019 – Cushman & Wakefield announced today that Knotel, a flexible workspace provider, has signed a new lease for 52,285 square feet of office space at 455 Market Street in San Francisco’s Financial District. The company will operate the 7th and 8th floors of the 23-story, Class A office and retail complex located in the heart of downtown San Francisco on the famous city thoroughfare, Market Street. Cushman & Wakefield’s John Walsh and David Duble represented the landlord in the transaction. Walsh said, “We are very excited to have Knotel as a new tenant in the building.” In a public statement, Amol Sarva, CEO of Knotel, commented, “San Francisco is our second largest market, so it’s unsurprising that we already have the most locations in town for flexible office. However, given the competitive office market and high cost of doing business, we will continue to [...]

Cushman & Wakefield Arranges $515 Million Financing for New Bay Area Office Campus

BURLINGAME, CA / NEW YORK, NY, April 23, 2019 – Cushman & Wakefield announced today the firm served as the exclusive advisor to Kylli, Inc. in the procurement of $515 million in financing for Burlingame Point, a brand new, state of the art 803,000-square-foot office campus in Burlingame, California. The construction financing was provided by J. P. Morgan and Starwood Property Trust. Burlingame Point is currently fully leased to Facebook, Inc. for occupancy by Oculus, Facebook’s virtual reality company. The campus is expected to be completed in 2020. A Cushman & Wakefield team led by Steve Kohn and Mike Moran with Chris Moyer, Terry Daly, Clarke Funkhouser, Noble Carpenter III and Jessica Ke represented Kylli, Inc. in procuring the financing. “The market for construction and transitional financing has been bursting at the seams over the past year with well-located office development for world-class technology, biotechnology and life science companies on [...]