Friday, July 07, 2006

PDL BioPharma Signs 15-Year 447,000-SF HQ Lease in Freemont, CA - July 7, 2006

In one of the largest Bay Area leases this year, PDL BioPharma Inc. has signed a 15-year corporate headquarters lease for 447,000 sf at Pacific Shores Center, a 1.7 million-sf class A-plus office park here owned by San Francisco-based Jay Paul Co. The lease, which commences Jan. 1, 2007, represents a nearly 80% expansion for the publicly held biopharmaceutical company and fills most of the vacant space within Pacific Shores Center.

PDL is currently housed in a mix of owned and leased buildings in Fremont, which sits just across the San Francisco Bay from Redwood City. At Pacific Shores Center, it will occupy 1500 Seaport Boulevard, a 164,000-sf building currently in shell condition that will be built out as lab space, and 1400 Seaport, a 283,000-sf fully finished and furnished building that that will house its administrative offices.

PDL is subleasing 1400 Seaport from OpenWave Systems Inc. for the first seven years. The sublease will convert to a direct lease with Jay Paul upon expiration and will run co-terminus with the 1500 Seaport lease, both expiring on Dec. 31, 2021. The negotiated lease rates were not released by the parties involved; the published triple-net asking rate for 1500 Seaport is $1.75 per sf per month. Sphere: Related Content

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