The San Francisco based developer represented by Peregrine Properties is also planning to develop a second, similarly-sized building on an adjacent parcel of land. The second project has not yet been approved. As some of the only substantial build-to-suit space going up in the city right now, Peregrine and the privately held 1828 Egbert Avenue LLC hope that their space will lease at a premium.

"Most people would tell you that our space [is] worth more than converted warehouse space, says Jensen. "We can provide them something built from the ground up to telecom standards."

In addition to the combined 412,000 sf that the two projects will eventually encompass, a multi-level, above-ground parking structure is planned for tenants of the two buildings. The parking structure is slated to also include underground fuel storage to power generators for the two buildings.