PDL is currently housed in a mix of owned and leased buildings in Fremont, which sits just across the San Francisco Bay from Redwood City. At Pacific Shores Center, it will occupy 1500 Seaport Boulevard, a 164,000-sf building currently in shell condition that will be built out as lab space, and 1400 Seaport, a 283,000-sf fully finished and furnished building that that will house its administrative offices.

PDL is subleasing 1400 Seaport from OpenWave Systems Inc. for the first seven years. The sublease will convert to a direct lease with Jay Paul upon expiration and will run co-terminus with the 1500 Seaport lease, both expiring on Dec. 31, 2021. The negotiated lease rates were not released by the parties involved; the published triple-net asking rate for 1500 Seaport is $1.75 per sf per month.

The deal was brokered by Cornish & Carey Commercial/ONCOR International. C&C's Client Solutions Group, led by Kevin Manning, analyzed PDL's needs, identified its space options and ultimately negotiated the leases. C&C executive vice president Phil Mahoney represented Jay Paul. Manning tells GlobeSt.com that the search for space and the ultimate lease agreement follows an "exhaustive" financial and logistical analysis to determine exactly what PDL was looking for and what it should cost.