Check Point, a maker of software for secure communications over the Internet, relocated more than 150 employees from Three Lagoon Dr. in Redwood Shores. The building is owned by Metropolitan Life.
Jon Moeller, the CB Richard Ellis broker who represented Check Point, tells GlobeSt.com that they had an option to renew with MetLife, but it wasn't even close to what Oracle could offer on a sublease basis.
"They sharpened their pencils but couldn't compete," says Moeller. "Oracle just had a building sitting there fully furnished and ready to go."
Moeller wouldn't reveal the financials, but he did say that Check Point will be occupying the whole building but paying rent for just 40,000 sf. Oracle master leases the building from Peery/Arrillaga, a major property owner in the region.
To keep Check Point from paying a holdover penalty at Three Lagoon Dr., Moeller says he, Oracle and Check Point put together a deal that took just six weeks from tour to occupancy. As a result, Check Point was able to vacate their former digs with less than two hours to spare.
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