First Life Science Building in Berkeley Since 2001 Fully Committed to a Single Tenant
(EDITOR’S NOTE: On September 11th, Aduro Biotech, Inc. announced in a public filing that it had leased approximately 56,000 square feet of office and laboratory space at a Berkeley facility, which people familiar with this transaction have confirmed is the Wareham address.
The term of the lease commences when Wareham delivers possession of the facility to Aduro, which is estimated to be on June 1, 2016. The twelve-year lease starts at $3.50 per square foot per month, and it scales by 3 percent from the second to sixth year and by 2 percent in the years following that period.
Aduro has the option to extend the lease for up to two terms of five years following the initial term. The company also has an option to that it has to exercise prior to July 1, 2016, which allows it to lease an additional block of approximately 25,000 square feet commencing January 1, 2017, and an additional block of 28,800 square feet commencing January 1, 2018.
According to sources familiar with the lease, Wareham is not marketing the building anymore and it considers it off the market.)
BERKELEY, CALIF. – September 19, 2015 – Wareham Development announced the completion of 740 Heinz, the first flexible, state of the art life science building to be constructed in Berkeley since 2001. At the same time, the developer confirmed the four-story, 110,000 square foot LEED Gold building has been fully committed to a single tenant
“This latest addition to our Aquatic Park Center portfolio in Berkeley is critical to Wareham’s mission of providing more world class facilities in our existing campus cluster. To support the urgent work being conducted by scientists and innovators here in the Bay Area is a much needed strategic addition to the overall research cluster in the East Shore Innovation Corridor,” said Chris Barlow, Partner, Wareham Development.
Wareham’s successful Aquatic Park Center, the 18-acre, 17-building urban research and development campus in West Berkeley, is already home to major life science companies Siemens Diagnostics, XOMA (US), Dynavax Technologies, CMC Biologics, Caribou Biosciences, and alternative energy company LightSail Energy. Public sector research entities such as the State of California Toxic Substances Control and the Life Sciences Division of Lawrence Berkeley National Laboratories are long-time tenants. Aquatic Park Center is also home to the QB3-East Bay Innovation Center, a public-private partnership research incubator offering wet-lab space to researchers and start-ups in the life and physical science as well as green tech sectors.
With outdoor terraces and a landscaped plaza which includes public artwork and pedestrian-oriented rest places, the development of 740 Heinz Avenue allows occupants to take advantage of the inner courtyard of the Aquatic Park Center, a popular pedestrian area that links businesses to the south and west of the park, the on-site child care facility and the popular cafés and restaurants within 800 Heinz Avenue and beyond.
740 Heinz was designed by DGA, one of California’s leading architects specializing in the design of laboratory facilities for the advancement of the life sciences. With the project situated in an area with both historic and contemporary buildings, the design of 740 Heinz Avenue provides an architectural bridge between the two.
The development team also included BNBT Builders, Nova Partners and Tipping-Mar and Associates. Timothy Mason, James Bennett and Eric Bluestein of Kidder Mathews represented Wareham Development in lease negotiations. Matt Elmquist of Cresa San Francisco represented the tenant, a Berkeley-based biotech company.
About Wareham Development
The San Francisco Bay region is renowned for its beauty, innovation, and diversity. Since 1977, Wareham Development has helped to shape that image with real estate development and property management that is as unique as the region we serve. Wareham’s philosophy is to ensure the health of our assets and the communities they serve – physically, aesthetically and financially – through a balanced approach with an eye to our children’s children.
We are committed to the long-term economic and environmental vitality of the communities where we do business. And, unlike many developers who build projects only to sell them, we retain ownership of the majority of our developments, many of which have come to define the thriving technology innovation corridor of the San Francisco East Shore.
Our real estate portfolio encompasses more than 4.5 million square feet of space located in multi-tenant, mixed-use campuses. Award-winning architecture, spectacular landscaping, tenant-friendly amenities, and superb property management are hallmarks of Wareham projects.