UNION CITY, CA-Fleeing high rents on the Peninsula, four high-tech and biotech companies have inked deals to lease space in the new 322,000-sf Crossroads Technology Park on Whipple Road. A fifth company, Hayward-based Questcor Pharmaceuticals, is renting 23,000-sf of space for expansion.

Sunnyvale-based Abaxis, Inc., a maker of portable blood analysis equipment, has leased 91,000-sf in the business park for its new headquarters. San Carlos-based Ariat International is leasing 22,000-sf in the park. Foster City biotechnology firm Axon Instruments is moving its headquarters to Union City and leasing 97,000-sf in two buildings and Telogy Inc., a Menlo Park-based company is expanding and leasing 89,000-sf. The companies will pay around $1.65 to $1.75-sf, compared to the $3.50 to $6/sf on the Peninsula.

The business park is owned by Principal Life Insurance Co. of Des Moines, Iowa, managed by Principal Capital Real Estate Investors of Des Moines and was developed by Legacy Partners of Foster City. Construction began earlier this year and the companies are expected to move in this coming spring.

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