The Cisco deal is a 34-year lease, entitling Cisco to up to 3.4million sf in the finished complex. Under the terms of the deal,Catellus will develop 2.2 million sf space. Additionally, there isthe potential for Catellus to handle development and constructionof the remaining space. The agreement commits Cisco to pay theground rent in two installments, totaling $101.9 million by thesecond quarter of next year.
The deal leaves Catellus with 3.9 million entitled sf in thedevelopment, which is being actively marketed. Currently, onemillion sf of the project has been completed and is occupied bytenants, including Intel.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
