Informatica Leases 159,000-SF Seaport Plaza

REDWOOD CITY, CA-Informatica has leased 100% of Seaport Plaza, a two-building, 159,000-sf class A office development here that is owned by Equity Office Properties and has been vacant for the past year. The data-integration software maker plans to relocate 550 by the end of the year from 290,000 sf at 2000-2001 Seaport Blvd.Steve Bouret, managing partner for BT Commercial’s technology advisory group, represented Informatica in the transaction with partner Randy Arrillaga. Bouret tells GlobeSt.com the company is seeking sublease tenants for its current space, the lease for which runs to 2014. Without being specific, Bouret says he will be “very aggressive” on price in order to land sublease tenants for the leasehold, which consists of two, four-story buildings.Seaport Plaza consists of two, three-story class A office buildings at the Redwood City Marina. The property used to be the headquarters of The 3DO Company, which signed a 12-year lease that started at the end of 2000, negotiated a reduction in space and rent in 2002 and finally declared bankruptcy in May 2003. The company’s starting rent was $2.55 per sf per month, triple net. Bouret declined to discuss Informatica’s new lease rate, citing a non-disclosure agreement, but other local brokers in town tell GlobeSt.com that based on other deals in the market Informatica’s lease rate at Seaport Plaza is under $2.00 per sf per month on a gross basis. The class A office vacancy rate in Redwood City was 52.2% as of the end of the third quarter.”We wanted to lower our lease costs but still maintain a high quality location,” says Jim Healy, vice president of operations and chief information officer for Informatica, in a prepared statement. “We had a lot of options and we looked at many buildings before we chose Seaport Plaza. The building has the same footprint that we were in and is located less than a mile away from where we were. It’s the perfect size for us and I think everybody will be happy.” Bob Garner of Cornish & Carey represented EOP in the lease negotiations along with Equity Offices’ Peninsula managing directors Ken Young and Carol Donnelly.