Edelen says he has spoken with potential tenants who are interested in leasing the remaining space. "Our strategy is to find one initial tenant for half the building. At a minimum, we'll have three, four tenants." Monthly leasing rates for the class A office space will run from $2 per sf to $3.50 per sf NNN, which Edelen says is a significant discount from San Francisco or Downtown Oakland, where rates are in the $4 per sf to $5 per sf range. The 1.1-million-sf, 205-acre Marina Village is a 20-year-old development project home for more than 100 companies, including banking, tech and biosciences. Built on the former site of Bethlehem Steel, Marina Village currently has a vacancy rate of 1%.

"A lot of work had to be done to prepare the site," says Edelen. "They were establishing a commercial location where one didn't exist before. So what they did was develop the roughly 200 acres over time as demand allowed."