The Bishop Ranch Business Park signed a 10-year lease with the computing services firm for 106,000-sf of office space at 6111 Bollinger Canyon Road at Bishop Ranch 1, the park's latest development.
The San Ramon Business Park includes corporate office space, dining, shopping and hotel accommodations located on 585 acres in San Ramon. Bishop Ranch Business Park, developed by Sunset Development Company, consists of more than nine million sf of office space in 14 complexes. Bishop Ranch 1 is a three-building, 700,000-sf development.
Tom Maloney and Kevin Mechelke of Cushman & Wakefield represented ADP in the deal, while Bishop Ranch represented itself. Neither party revealed the lease rate but the average asking rate for this type of space is $2.33 per sf monthly.
According to Sunset Development Company SVP Ed Hagopian, Bishop Ranch has been an attractive option for large companies due to its high-quality office space, central location and abundance of available housing. The ADP lease was one of several recent deals that have absorbed 185,000-sf at the park, bringing it to nearly 100% occupancy.
Option One Mortgage Corp., a mortgage loan company, signed an 8,000-sf lease at Bishop Ranch. 24 Hour Fitness relocated its company headquarters from Pleasanton to Bishop Ranch with a 41,000-sf lease at 12647 Alcosta Blvd. In addition, Armanino McKenna LLP, an accounting firm, signed a long-term, 28,893-sf lease at 12667 Alcosta Blvd.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
