The rent is estimated to be about $45-48/sf. The terms of the deal will allow EOS to enter a long-term lease starting January 2003. Development of the 564,000 sf office project has begun and is expected to be complete by this time.
Dino Perazzo, John Moeller and Chris Jacobs of CB Richard Ellis represented EOS in the transaction. Slough Estates represented themselves.
Dino Perazzo told GlobeSt.com that EOS' space is actually dirt right now and will be designed specifically to meet the office and laboratory requirements of the biotechnology industry. He says this was one of many compelling factors in EOS' decision to lease the space.
"From a business point of view," adds Perazzo, "it is important to be in the right place at the right time. South San Francisco has staked its claim as the area's biotech center."
EOS is currently subletting 31,000 sf at 225 Gateway in South San Francisco.
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