Real Estate Deals 2015: OSIsoft deal helps transform former East Bay cannery site
April 6, 2015

Office Lease, East Bay Finalist: OSIsoft

In the 1 970s, developer Westlake Urban bought an old cannery plant next to the San Leandro BART station. The building sat vacant for decades. Housing was planned on the site, but three years ago, office development gained favor.

San Leandro’s central location in the East Bay, with access to highways, the Port of Oakland and Oakland International Airport, makes it a compelling location, said Sunny Tong, managing director of Westlake Urban. “We have all the connectivity that people are looking for.”

Westlake Urban gained approvals for 500,000 square feet of office space on the site, a $200 million project called the San Leandro Tech Campus. The developer attracted a company for the project’s first phase that already believed in San Leandro: OSIsoft LLC, which makes software for industrial companies and has its headquarters in San Leandro already.


OSIsoft signed a 10-year, 105,000-square-foot lease in November, taking 85 percent of a 132,000-square-foot Class A office building that recently broke ground. OSIsoft plans to move into the $70 million building by June 2016. The asking rent at the property is $38 to $42 per square foot, said Tong.

Westlake Urban is still considering designs for the next phase of the project, which could potentially include two office buildings. Tenants will be guaranteed an easy walk to BART.

Location: 1600 Alvarado St., San Leandro
Size: 105,000 square feet
Value: $70 million
Landlord: Westlake Urban
Tenant: OSIsoft LLC

Full Article

SHARE:

Tweet about this on TwitterShare on FacebookShare on LinkedInEmail this to someone