Only one building - 161,000 sf of the 1.6 million sf business park – remains on the market, and even that will be gone soon. Two companies are currently vying for the space, according to reports.
In the last 30 days, Broadvision Inc. has expanded its two building lease to three, and will now 500,000 sf of space in the park. In addition, Nuance Communications, relocating from Menlo Park, has signed on for 141,000 sf. Other park tenants include ExiteAtHome, Phone.com Inc. and Informatica Corp.
Suffice to say, the project has been a home run for Jay Paul, which purchased the land from the Port of Redwood City in December for about $90 million. Walton Street Capital LLC is a partner on the project and Dresdner Bank and Key Bank provided construction financing.
Located off Seaport Boulevard on the waterfront, Pacific Shores will feature 50 acres of parks and recreational facilities, including a soccer field. The project is being built at one time instead of in phases, a massive undertaking uncommon for such a large office park.
Jay Paul originally planned a phased approach, but demand was so high company officials decided to build all at once. The buildings will be completed in the spring and summer of 2001. Asking rents have been between $60/sf and $72/sf, according to reports.
The city of Redwood City expects to bring in between $1.25 million and $1.5 million annually in property taxes. The recreational facilities will also provide needed space for youth sports.
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