The Cisco deal is a 34-year lease, entitling Cisco to up to 3.4 million sf in the finished complex. Under the terms of the deal, Catellus will develop 2.2 million sf space. Additionally, there is the potential for Catellus to handle development and construction of the remaining space. The agreement commits Cisco to pay the ground rent in two installments, totaling $101.9 million by the second quarter of next year.
The deal leaves Catellus with 3.9 million entitled sf in the development, which is being actively marketed. Currently, one million sf of the project has been completed and is occupied by tenants, including Intel.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
