Zhone Communications is reaching the halfway point on its four building, 300,000 headquarters. Located off I-880 on Zhone Way, the second building will be completed at the end of this month. The full project is scheduled to be done by mid-2001. Zhone broke ground on the $100 million project in February.

Located between the Coliseum Bay Area Rapid Transit train station and the Oakland International Airport, the campus will hold some 1,500 employees when complete. It will allow the telecommunications company to herd its 550 employees, hire a couple of hundred more by the end of the year, and still have room to grow without spreading out, which is what’s happening now. While many employees are currently working in the firm’s temporary headquarters at nearby 7677 Oakport St., Zhone employees are spread out in several different locations.

Zhone acquired the 15 acres of land for the project from the city of Oakland for $6 million in cash and 100,000 stock warrants exercisable at $4 a share once the company goes public. City officials estimate the land’s market value at about $7.9 million, which means the stock must reach nearly $20 per share for the city to get a fair price on the deal.

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