X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Catellus Development Corp. announced Monday it has inked a deal with a Cisco Systems subsidiary to lease land at the new Pacific Commons development. The Fremont business park is still undergoing construction. Upon completion, it will encompass more than 8 million sf of rentable space.

The Cisco deal is a 34-year lease, entitling Cisco to up to 3.4 million sf in the finished complex. Under the terms of the deal, Catellus will develop 2.2 million sf space. Additionally, there is the potential for Catellus to handle development and construction of the remaining space. The agreement commits Cisco to pay the ground rent in two installments, totaling $101.9 million by the second quarter of next year.

The deal leaves Catellus with 3.9 million entitled sf in the development, which is being actively marketed. Currently, one million sf of the project has been completed and is occupied by tenants, including Intel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.