MegaPath To Relocate, Executes Lease

PLEASANTON, CA-MegaPath Inc., a provider of managed data, voice, and security services in North America, executed an agreement to lease 25,709 square feet in Bernal Corporate Plaza in Pleasanton, CA. MegaPath plans to relocate to Bernal Corporate Plaza to take advantage of the attractive offerings of this “city within a city,”—which include immediate access to retailers and services that employees require each day, according to a prepared statement. 

Cornish & Carey Commercial Newmark Knight Frank vice president Jeff Morgenstern, Dan Watson and Marcy Place represented Bernal Corporate Plaza for the landlord, Principal Real Estate Investors. Kevin Mechelke and Tom Maloney of Jones Lang LaSalle represented MegaPath in the transaction. 

Morgenstern tells GlobeSt.com that the asking rate at the property is $1.75 full service. He also notes that MegaPath is currently at 5667 Gibraltar Dr., Suite 200 in Pleasanton and chose to relocate for retail access. “MegaPath found an ideal fit at Bernal Corporate Plaza and we are happy to accommodate this exciting company.”

He adds that “As companies seek to maximize productivity, they are increasingly exploring real estate solutions that keep employees close to the office the entire work day. At Bernal Corporate Park, tenants enjoy a ‘city within a city’ environment with everything they need within walking distance.”

Bernal Corporate Plaza is comprised of two modern class A, three-story buildings—each 108,500 square feet—totaling 217,000 square feet. MegaPath plans to occupy its second floor office space at 6800 Koll Center Pkwy. in the third quarter of 2011. 

Other Bernal Corporate Plaza tenants include Republic Services and KB Home. Bernal Corporate Plaza is located within Bernal Corporate Park, a 1.2-million-square-foot office park occupied by tenants including EMC Corp. and JP Morgan Xign Corp. Located at the junction of Highway 680 and Bernal Avenue in Pleasanton, Bernal Corporate Plaza includes a free on-site workout and conference center, a coffee shop, and access to numerous other retail amenities.  

Later this year, all Bernal Corporate Plaza tenants will enjoy access to several new retailers, according to a prepared statement. The Pleasanton Gateway Retail Plaza is under development directly across the street from Bernal Corporate Plaza, with a projected completion date in the fourth quarter of 2011. The 129,000-square-foot Lifestyle Retail Center will be anchored by a 58,000-square-foot Safeway. 

Demand for the remaining 67,000 square feet of retail space at the Pleasanton Gateway Retail Plaza is strong, according to a prepared statement, and active negotiations are currently in progress with local and national retailers and financial institutions for shops, pads, and junior anchor locations.