The newly available space consists of a three-story, 93,000 building and a five-story, 157,000 structure. Neighbors at Pacific Shores include tech big names BroadVision, Informatica, Openwave, and Nuance Communications.
BT Commercial's Mike Connor and Steve Bouret, who make up the leasing team for the space, say that the sublease term is flexible. "Though Excite@Home's lease is for 12 years, they would consider a sublease term as short as 36 months," says Connor. "There are a few large users in the market, but few of them are under any pressure to complete deals quickly.
"Given the amount of sublease space on the market, tenants are being patient. Still, there are not many spaces of this size available for long-term occupancy with all tenant improvements included. Somebody is going to grab a real bargain."
Pacific Shores is a 10-building, 1.1-million-sf development. A 161,000-sf building in Pacific Shores also remains available at an asking rate of $5.50/sf/month on a cold shell basis.
Excite@Home currently houses 2,000 employees in Redwood City. The company occupies a total of 800,000 sf in nine buildings.
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