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143,000-SF Office Building Will Round Out Marina Village

ALAMEDA, CA-Monthly leasing rates for the class A office space will run from $2 per sf to $3.50 per sf NNN--a significant discount from San Francisco or Downtown Oakland, where rates are in the $4 per sf to $5 per sf range.

By Becky Bergman | Updated on November 30, 2000

ALAMEDA, CA-A 143,000-sf office building will be developed on the last remaining parcel in Marina Village here. Alameda Real Estate Investments received approval for the project this week from the Alameda City Council. Construction of the $35-million project is slated to begin in April and be complete in spring 2002, says Peter Edelen, leasing agent for the developer.

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%.

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