By Meghan Hall
Growing companies are continuing to look to the East Bay, purchasing properties that are within proximity to both public transit and amenities while offering more breathing room than many urban assets. In a transaction that closed at the end of last months, local biotech company 10x Genomics purchased a redevelopment site adjacent to Pleasanton’s Stoneridge Mall for $29.4 million. The company paid all cash for the property according to The Mercury News, who first reported the deal.
The property was sold by Regency Centers, a Florida-based company and one of the largest owners and operators of retail centers in the country. Formerly known as Pleasanton Plaza, the center was once occupied by Cost Plus World Market.
10X’s latest buy is also will be part of a larger, 14.6-acre development site at 1701 Springdale Avenue, where 10x is currently undergoing the entitlements process for a new campus. There, the company has planned three brand-new buildings with designated research and development (R&D), office and laboratory space. In total, the project will include about 381,000 square feet of space.
Built in phases, the first building to rise at the new campus would include 100,000 square feet on the north side of the property. The second phase of construction would include the last two buildings as well as a parking garage. A Planning Commission workshop regarding the development took place in 2020, with CEQA preparation beginning before the end of last year. The Planning Commission and City Council are expected to review the project later this spring or early summer, with construction kicking off shortly thereafter.
The property is located at 6230 Stoneridge Mall Road and currently functions as 10x’s headquarters. In all, 6320 Stoneridge rises five-stories and totals 152,427 square feet. The building was constructed in 2002, according to public records. 10x leased the building at the end of 2018 after reporting an explosion of revenue growth. The firm moved from a 40,000 square foot building at Koll Center Parkway.
The campus will accommodate the company’s rapid growth. The company, which makes manufactures gene sequencing technologies, was originally founded in 2012. According to public filings, 10x has seen its employee count increase from 110 to 584 between 2015 and 2019. After going public in September of 2019, the company has seen its stocks continue to rise. The company has filed more than 1,000 patents and placed more than 2,400 chromium instruments in top institutions worldwide. As 10x expands, so do its plans for Pleasanton, where it intends to stay.