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Marina Village Gains 60,000 SF of Tenants

ALAMEDA, CA-The 1.16 million-sf mixed use waterfront development suffered from a 30% vacancy rate when Legacy Partners bought it in February for about $190 million.

By Brian K. Miller | Updated on August 09, 2006

ALAMEDA, CA-Leases totaling about 60,000 sf have been signed at the 1.16 million-sf Marina Village mixed-use development in the last couple of weeks. In the two largest deals, the South Korea-based biotech firm Bioneer leased 21,908 sf and Voxify, a developer of automated customer service representatives, has leased 24,019 sf. In addition, International Parking Design has leased 9,352 sf and Moisen Investment Co. has leased 4,000 sf.

Marina Village includes a mix of class A and class B office buildings and flex buildings, a 240,000-sf retail center, 180 townhouses, a 50-room hotel and a 990-berth marina. Legacy Partners acquired the 34-building waterfront development four months ago for about $190 million.

At the time, the office space suffered from a 30% vacancy rate. Legacy hired Cornish & Carey Commercial senior vice presidents Bill Nork and Bill Banker to find tenants. Nork tells GlobeSt.com that the leases drop vacancy in the office portion of the project close to 20%. The negotiated lease rates on these latest deals are not being disclosed; the monthly asking rate is $2.15 per sf full service.

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