The company is relocating its headquarters from a smaller space in San Leandro, where vacancy is lower and rates are higher. Penumbra's broker in the deal, Cushman & Wakefield executive director Ed Grammens, tells GlobeSt.com that the Oakland Airport submarket (where the company is moving) still has significant space available at rents that are desirable for young and growing companies like Penumbra.
Indeed, Cushman & Wakefield reports that overall year-end vacancy in the Alameda office/R&D market was 23.9%. Grammens says the weighted average full-service lease rate in the market for space like that in Parkway Center is approximately $1.65 per sf per month.
Penumbra's recently approved tool set is used to remove occlusions from the large vessels of the brain that are causing an acute ischemic stroke. The company's new leasehold is located in a 93,564-sf building at 1351 Harbor Bay Pkwy. The build out for Penumbra will include a 10,000-sf clean room for manufacturing medical devices.
Occupancy is slated for the second quarter of this year. The other tenant in the building is the County of Alameda. The building owner, Dollinger Properties, was represented in the Penumbra transaction by Charlie Allen and Ryan Hattersley of Cushman & Wakefield's Oakland office.
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