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Penumbra Inc. Leases 73,000 SF

ALAMEDA, CA-The four-year-old medical device company will relocate to Parkway Center here from a smaller space in San Leandro.

By Brian K. Miller | Updated on January 15, 2008

ALAMEDA, CA-Penumbra Inc., a young medical device company that recently won approval for one of its tool sets, will expand and relocate to 75,000-sf lease at Parkway Center, a three-building office/R&D development on Harbor Bay Parkway. The four-year-old company signed six-year lease valued at just under $7 million, not including operating expenses.

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.

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