This biotech startup required a new headquarters location in the San Francisco area. The firm wanted to relocate from Hayward to San Francisco and needed space for 150 employees.

Proximity to a well-educated labor pool was important, as was proximity to Caltrain and the transit lines.

Options in Hayward, Oakland, Fremont and South San Francisco were reviewed. The client preferred locations that were proximate to mass transit and to major universities with biotechnology students.

The South of Market (SoMa) area met these criteria. Because rental rates had dropped significantly after the dot com crash, the SoMa district had become more affordable.

With UGL Equis’ assistance, the company was able to sign a 10-year lease for 100,000 square feet in the SoMa area. The space comprised approximately 35,000 SF of wet lab and biology lab space.

The building selected had undergone a major upgrade during the dot-com boom. The developer raised the ceilings and added state of the art wiring and redundant power during that time. The company was able to capitalize on these improvements, and only needed to construct biology/ chemistry lab space.

The client was very satisfied with their new space, as they received an outstanding rental rate the equivalent to rates seen more than 4 years prior. The company was also very satisfied with its buildout cost of $250 per SF. The project was completed in 11 months.

The transaction was very significant in the city of San Francisco. It was the largest lease of the year, and was signed in the Mayor’s office.

The transaction was awarded the “Deal of the Year” by the San Francisco Business Times in 2002.