EmeryStation, Heritage Square Add, Resign Tenants

EMERYVILLE, CA-Wareham Development isn’t yet feeling the effects of the slowing economy. The local development company says it has signed new leases and lease renewals for more than 67,500 sf of space at its EmeryStation and Heritage Square office developments here in Emeryville, located across the bay from San Francisco and between Oakland and Berkeley.

Wareham, one of the biggest developers in the Bay Area with over four million square feet of property, says the attraction of its 20-acre, 440,000-sf EmeryStation development at 5858 and 5980 Horton St. is class A space complete with terraces, views of the San Francisco Bay and a fiber-wired and wireless infrastructure, all within close proximity of multiple forms of public transportation – and at a decent price.

“We are meeting current market needs by quoting rents that will allow people to sign,” says Geoffrey Sears, a partner in Wareham. Sears tells GlobeSt that current rates range from $2.75/sf to $3.00/sf (NNN) with annual bumps within the term. “In today’s market landlords and tenants both have equal bargaining power,” adds Sears. “Each tenant has a different need and we try to be flexible with that as we want to make a marriage that will work over time and help companies who come here to grow, so being flexible is important in a strong tenant/landlord relationship.”