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DUBLIN, CA-Pegasus Development is in the final stages of a deal to buy 3.25 acres here and turn it into office space. The San Leandro, CA-based developer envisions a 143,500-sf, four-story office building on the property, located at San Ramon Road and Amador Valley Boulevard.

Pegasus said this week that it expects the sale to be final by early spring, at which time it would tear down the existing building on the property, which most recently housed the Dublin Fishery. The office building that would replace it is currently designed to include 6,000-sf of restaurant space, an operator for which has not yet been determined, and two stories of underground parking. A Kindercare day-care center would also be part of the $42-million project.

Dublin, located near the junction of Interstates 580 and 680, is attracting developers hoping to cater to companies forsaking the Valley’s inner core for relatively cheaper office space, more parking and less gridlock. The Pegasus proposal has yet to receive the necessary approvals from the Dublin City Council. TCI Commercial is in charge of leasing. Office space is expected to lease for $3.50 per sf. No construction timeline has been announced.

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