Private School Inks $10M Lease at Hacienda Business Park

PLEASANTON, CA-Carden West, a nonprofit private school, has inked a 10-year lease for the 46,000-sf former Quaker Oats headquarters building within the 875-acre Hacienda Business Park. Local sources tell GlobeSt.com the value of the lease is about $10 million. The parties involved in the transaction declined to confirm the information.The freestanding tilt-wall class B office building at 4576 Willow Rd. is being retrofitted into a school building. The five acres it sits on provides private parking and room for a playground. Carden West is working toward a fall opening of its new location. The business park property will replace the school’s current location at 4466-A Black Ave. also in Pleasanton.Brian Lagomarsino, the Colliers International agent who co-brokered both sides of the transaction, says the school worked closely with the City of Pleasanton to make sure the additional traffic it would bring to the area could be accommodated without degrading service.As part of the solution, the school will stagger its sessions to 8:20 a.m. and 9:20 a.m.For Benenson Capital Partners, the owner of the building, the lease is a big win in a market with lots of competition. Lagomarsino tells GlobeSt.com there were 33 different options in the market for tenants looking for spaces in excess of 25,000 sf.Carden West School has been in the Pleasanton area since 1977. The school has expanded more than 100% over the past two years and expects continued growth, especially with the additional capacity available to support students up to the eighth grade. The new facility will allow room from a resource library and computer lab for the preschool, and a library, cafeteria, gym and science lab for the rest of the school. Lagomarsino and Gabe Arechaederra, also with Colliers in Pleasanton, represented Carden West School. Lagomarsino, Arechaederra and Colliers’ David Orozco represented Benenson Capital Partners. Both Lagomarsino and Arechaederra donated a portion of their commission from this transaction back to the school to help fund construction of Carden’s new on-site library.Hacienda Business Park is one of the largest developments of its kind in Northern California. The park has about 10 million sf of existing, mixed-use space occupied by some 413 companies. Under the current PUD, Hacienda can hold an additional 1.2 million sf. Hacienda’s principal developer is the Prudential Realty Group.