Tech Company Commits to Oakland; Signs Largest New Lease of the Year
April 21, 2015 – Oakland, CA – Turnitin, the global leader in evaluating and improving student learning, has leased 48,912 SF at 2101 Webster (the Pandora HQ) in downtown Oakland, CA. The new location will serve as the company’s Headquarters to accommodate its rapid growth, establish a greater presence in the Oakland market and provide employees with a Best in Class place to work. The offices are located on the 18th & 19th floors, featuring panoramic views of Oakland and San Francisco.
Turnitin will be collaborating with STUDIOS (Pandora’s architect) to design their new offices in a creative and modern way. Currently Turnitin occupies 30K SF in 1111 Broadway in Oakland. The company intends move to the new location at 2101 Webster in mid-2016
The tenant broker team for Turnitin was led by Daniel Bisabri (Director, Tenant Advisory Group, C&W Oakland), with support from Ryan Hattersley (Exec. Director, C&W Oakland) and Elisa Konik (Director, C&W Oakland).
“We currently employ 140 people in Oakland and plan on doubling the size of our Oakland team in the next few years,” said Chris Caren, CEO of Turnitin. “This lease provides Turnitin with an incredible space that will help to attract and retain employees in the city we’ve called home for 15 years.”
According to Daniel Bisabri: “ Turnitin’s lease is significant on many levels and reconfirms the renaissance in Oakland. Our city is a desirable place to live, work and dine for all types of companies; not just a low-cost alternative to San Francisco. Turnitin’s technology is impacting education globally; their future is promising, as is the city they call home.”
Naturally, seekers of new commercial real estate space are also and inevitably attracted by the considerably lower dollars per square foot that the City across the Bay is commanding. Based on Cushman & Wakefield’s research of the market, this signing is the largest new lease (renewals/subleases excluded) in Oakland this year. This is significant primarily because Oakland has traditionally been labeled as a small tenant market with few large technology companies.
The listing broker was Trent Hollsman, Colliers and the owner/landlord (CIM) was represented by Andrew Altman.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.
Turnitin is the global leader in evaluating and improving student learning. The company’s cloud-based service for originality checking, online grading and peer review saves instructors time and provides rich feedback to students. One of the most widely distributed educational applications in the world, Turnitin is used by more than 10,000 institutions in 135 countries to manage the submission, tracking and evaluation of student work online. Turnitin is backed by Insight Venture Partners, GIC, Norwest Venture Partners, Lead Edge Capital and Georgian Partners. Turnitin is headquartered in Oakland, California with international offices in the United Kingdom and the Netherlands.