Wang's Encinal Broadway development company purchased the building for $2.9 million. The $11 million rehab reinforced the the structure, added a new HVAC system, a special security system, and a new glass façade. Lawrence Berkeley National Laboratory signed the 10-year lease in August 1999 for 27,000-sf that comes with an option to take an additional 35,000-sf. The building also will house the Department of Energy's National Energy Research Scientific Computing Center (NERSC), as well as the office of the president of the University of California.
The lease rate is not being disclosed, but Wang, who did not return phone calls seeking comment, has reportedly described the lease rate as terrible. "We signed on before the rents started to climb," says lab spokesman John Bashor.
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