From time to time, we like to highlight recent deals from the CompStak database that we find interesting. We hope you will find the information helpful.
San Francisco: Global Banking and Payment ProviderTakes 25,000 SF on Battery Street
A global provider of banking and payment signed a lease for about 25,000 square feet on the lower level and mezzanine of 735 Battery Street, which will be occupied by a company they acquired early last year. The company, a leading provider of cloud-based mobile banking and payments solutions for banks and retailers will be relocating from the South Financial District's 160 Spear Street. The 9,000 square foot space on Spear Street cost around $30 PSF in rent over the past two years.
The move to Jackson Square seems to be more permanent, as the global provider looks to expand the recently acquired business. The seven-year lease will have starting rent in the low-$40s PSF. They will join a large information service company in the building, which leased just under 25,000 square feet on the third and fourth floor over two years ago.
Sunnyvale: Multinational Retail Corporation Opens Office for New Technologies
A multinational retail corporation recently opened the doors to its new 100,000+ square foot office at 860 West California in Sunnyvale, where they will occupy the entire building. The new offices will be largely devoted to developing new technologies and for maintaining current efforts, like real time inventory tracking and the store's mobile app.
The corporation will be paying rent in the mid-$3.00's over 10 years and received a generous concession package that includes a few months in free rent and over $50 PSF in tenant improvement allowance. The rent is similar to that of a global distributor's expansion of Lab 126 nearby at 1160 Enterprise Way.