Joint Venture Partnership Launched / OSIsoft Lease Signed at the San Leandro Tech Campus

Westlake Urban, RSPK, OSIsoft, San Francisco, San Leandro, East Bay, commercial real estate news

unnamedWestlake Urban, LLC and RSPK, LLC have entered into a joint venture agreement for the ownership and operations of the San Leandro Tech Campus, a fully entitled, 500,000 square foot technology-oriented office development immediately adjacent to the Downtown San Leandro BART station. In addition, OSIsoft, one of the East Bay’s largest private technology companies with annual sales in excess of $275 million, has executed a 10-year lease for the first building.

Westlake Urban, LLC, a member of the Westlake Group of companies and owner of the property for nearly 40 years, will continue to manage the construction of the project, which will commence in early December 2014. The partnership is expected to accelerate the development of additional buildings at the Tech Campus and benefit from the increased demand for mass transit oriented, high-speed optical fiber connected office space in the East Bay. Phase 1, with an estimated value of $70 million, will include a six-story, 132,000 square foot building and a six-level parking structure. OSIsoft is expected to occupy the new building as its world headquarters by June 2016.

“We truly believe in San Leandro and look forward to relocating to a state-of-the-art, Class A office space where we can execute our office space design ideas,” said Dr. J. Patrick Kennedy, CEO of OSIsoft.

The development will include a paseo connecting Alvarado Street directly to the nearby BART Station, on-site public art and a landscaped pedestrian and bicycle pathway on Martinez Street. Each building will be sustainably designed to LEED Gold standards.

“This exciting project comes at a time when demand for tech office space is at an all-time high in the Bay Area. Many companies are no longer able to secure the space they need in San Francisco and are looking for alternatives in the East Bay where many of their talented employees live. The San Leandro Tech Campus will provide the extremely rare combination of a large campus environment, gigabyte connectivity, and easy access to BART, right in the middle of a walkable downtown environment,” said Sunny Tong, Managing Director of Westlake Urban, LLC.

“We at OSIsoft are thrilled to remain in San Leandro and eager to relocate our world headquarters to this state-of-the-art project. We believe that the unparalleled location and LEED Gold building design will be very important to our continued success,” said Jenny Linton, President of OSIsoft.

West Coast Commercial Real Estate News