Scios is moving its headquarters to the Ardenwood Corporate Center to 6500 Paseo Padre Pkwy. in Fremont, approximately 20 miles from its existing HQ in Sunnyvale. The move will increase Scios' space by about 70% to 190,000-sf. The two-building facility will house research laboratories as well as medical affairs and business operations for the company.
"Today's real estate market has made it possible for Scios to negotiate favorable lease terms that also allow us to provide a cohesive and productive corporate environment for employees with future expansion capability," says David W. Gryska, chief financial officer at Scios. "Our rent expense per sf will be reduced by over 20% and we expect to have a lower overall operating cost per square foot since the buildings are of modern construction design incorporating state-of-the-art energy conservation features."
Ernst & Young acted as the lead advisor to Scios on the transaction, while the landlord, Sobrato Development Cos., represented itself. The asking rate for Fremont space averages $1.15 per sf.
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