REDWOOD CITY, CA—Kilroy Realty Corp. recently revealed that Box Inc., a provider of secure cloud content management services for global businesses, has signed an approximate 12-year lease for 100% of Crossing/900, the 334,000-square-foot, Korth Sunseri Hagey-designed two-building office project currently under construction in Redwood City, CA, steps away from the city's Caltrain station. The project also contains approximately 5,000 square feet of retail space.
“We are delighted to welcome Box to our portfolio of dynamic West Coast tenants,” says John Kilroy Jr., KRC's chairman, president and chief executive officer. “Crossing/900 continues our extensive record of developing vibrant environments that allow fast growing companies to hire and retain talent in the Bay Area's extremely competitive job markets. With Crossing/900 fully leased, we are now close to 85% leased on our six office projects currently under construction, which have a total estimated investment of approximately $1.5 billion.”
Crossing/900 will be a LEED Gold certified development project that will feature contemporary design, large open floor plates, elevated terrace and plaza areas, abundant structured parking and up-sized base building features that allow for greater densities that are highly desirable among today's modern workforce. The campus is located in Redwood City's downtown urban core, within walking distance of retail, dining and entertainment amenities, as well as more than 1,500 residential units under construction. It is also conveniently close to the two major freeways serving the region and San Francisco International Airport.
“The project's live, work, play location and innovative design that fosters collaboration amongst employees appeal to both technology and professional service tenants,” says Mike Sanford, KRC's senior vice president, Northern California.
KRC owns 93% of Crossing/900 in a venture with Hunter Storm, a private development company.
“We appreciate the strong and successful relationship we have developed with Kilroy Realty and Hunter Storm and their commitment to start the project on a speculative basis and deliver a state of the art office campus designed to attract global technology leaders, like Box, to our City. The Box lease represents a major milestone in realizing the community's desire for a vibrant downtown neighborhood that includes a mix of uses and tenants – the vision of our Precise Plan,” says Jeff Gee, Mayor of Redwood City.
Box will take occupancy of the first building, totaling approximately 226,000 square feet in the third quarter of 2015 and the second building, totaling approximately 108,000 square feet in early 2017.
Ben Stern and Matt Winters, both SVPs from Cornish and Carey Commercial Newmark Knight Frank, represented the tenant and Mike Moran and Ben Paul from Cassidy Turley represented the landlord.
“Newmark Cornish & Carey has been representing and advising Box with its real estate strategy since the company housed 10 people in an overcrowded space in Palo Alto,” noted Stern. “Box's growth represents the true Silicon Valley success story from startup—by two childhood friends while at college—to technology powerhouse. Crossing900 is the occupancy solution every tech company is looking for and here, Box has become the face of Redwood City.”
Winters adds that “Strategizing for and accommodating Box's tremendous growth has been extremely rewarding. We've analyzed growth strategies across numerous markets against many different headquarters opportunities and Crossing 900 is without a doubt the best possible option for the company aligning Box's brand, reputation and culture with a class A, iconic campus located at Caltrain. This strategic location will help in recruiting and retaining talent for years to come.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
