Companies across all sectors have been reducing their office needs adding to a sizable amount of sublease space across the region. Another national tenant, payroll processing firm ADP, decided to shutter its 63,000-square-foot office location in Pleasanton located at the Britannia Business Center. The location has been home to the company’s operation since 1997. ADP downsized from 94,000 in the spring of 2020.
The San Francisco Business Times was the first to report on ADP’s decision.
Menlo Park, Calif.-based Tarlton Properties and Harrison Street, an alternative investment firm based in Chicago, purchased the 292,000-square-foot property in January of 2022 for $78 million, just over $267 per square foot, according to previous reporting by The Registry.
ADP spokesperson Allyce Hackmann said in a statement to the news organization that the company was continuing to monitor its operations and that it will look for suitable opportunities including possibly a new East Bay location.
Britannia Business Center is positioned on 19.3 acres at 4125, 4155, 4255 and 4385 Hopyard Rd. along the Tri-Valley I-680 Corridor, a growing East Bay submarket. The property is directly off of Interstate 680 and is within walking distance of the Pleasanton BART station providing access to the entire Bay Area, according to a statement issued by the companies at the time of the acquisition. In addition, Britannia Business Center benefits from the nearby life sciences corridor as well as being within driving distance of world-class universities and research institutions, including UC Berkeley, UCSF, Stanford University, Santa Clara University and San Jose State University.
Originally built between 1997 and 1998, Britannia Business Center consists of four buildings that feature attractive infrastructure for R&D, flex and office use, including 13’ to 20’ clear heights, eight roll-up doors, one dock high door and 1,600 to 3,000 amps available.