The deal value translates to a full-service rate of about $1.78 per sf per month. As part of the deal, Actel is reportedly getting a $55 per sf tenant improvement allowance from building owner Equity Office Properties Trust.
Scott Mathisen, Thor Wiles and Laura O'Brien of CB Richard Ellis represented Actel. Phil Mahoney and Christine Slonek of Cornish & Carey Commercial Oncor International represented EOP.
Actel is relocating from three 1960's era buildings owned by Sobrato Development Cos. to two much newer buildings at 2051 and 2061 Shoreline Court. "They were in those buildings for eons," Wiles tells GlobeSt.com. "They wanted to upgrade their image and take advantage of the marketplace."
One of the main challenges in finding Actel's new digs was the company's very sensitive chip-making equipment. "Some of the buildings we had on our short list had to be cut because they were too close to rail lines that created too much vibration," says Wiles "We had to bring in a special engineer for vibration studies."
Despite the lease, Shoreline Technology Park still has significant vacancy. "EOP wanted this deal," says Wiles. "There just aren't that many tenants in the market looking for 50,000 sf much less 150,000 sf."
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