Demand for Space in the Bay Area Continues as Three Large Leasing Deals are Inked
- Jun 18, 2014
By Alex Girda, Associate Editor
The Bay Area’s office market has been one of the highlights of the national real estate market in recent years, and due to the lasting appeal with the tech industry, the trend seems to be going strong. Three large leases were recently inked in San Francisco and San Jose, the largest urban centers in the tech-oriented region.
NerdWallet, Spansion and Loring Ward are set to move to new digs in the coming months, all three firms deciding to expand operations and take up more commercial office space. NerdWallet, a growing startup that has to do with advising consumers to make smart financial decisions, is now in contract for the fifth and sixth floors of the office building located at 901 Market St. The young company will occupy 45,700 square feet of space for the next seven years, as per its agreement with landlord Hudson Pacific Properties, rentv.com writes.
Meanwhile, North San Jose saw a company complete a leasing deal for 154,600 square feet of space. Spansion inked an agreement for space at the Ridder Park Technology Center. The new tenant recently sold is sprawling 470,000-square-foot HQ in Sunnyvale and is now relocating to two buildings part of the office campus. The company’s landlord at its new facilities will be Hines. The owner was represented by CBRE and Cassidy Turley teams in the leasing deal.
Loring Ward is the third company to ink a move in the area, reportedly the largest office lease in downtown San Jose, Loring will move into 42,600 square feet of space at Ten Almaden, a substantial expansion from the company’s current residence in west San Jose, where it occupies around 25,000 square feet. The owner of Ten Almaden is Equity Office Properties, an owner that has seen its asset be boosted to 90 percent occupancy by this recent deal according to rentv.com.
Image 1: 901 Market St., San Francisco, courtesy of 901market.com
Image 2: Ten Almaden, courtesy of eoptenalmaden.com