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SAN RAMON, CA-Elsevier MDL will relocate its headquarters here later this year from 14600 Catalina St. in San Leandro, where it has been based for 20 years. The life sciences software services firm recently signed a 10-year lease for 63,000 sf in the Bishop Ranch 6 complex, according to the brokerage firm in the transaction, Newmark & Co. Real Estate Inc. The building owner is Sunset Development Co.The brokers in the deal–Newmark principal Scott Panzer, who reps the tenant nationwide, associate director Jay Seiden and managing director Lisa Cracknell–either could not be reached or declined to comment on the specifics of the negotiated lease agreement. However, other industry sources familiar with the transaction tell GlobeSt.com that the value of the lease agreement is between $15 million and $16 million, and that the concessions included an above-market TI allowance and more than a year of free rent. The deal value equates to an average monthly lease rate over the life of the lease of $1.98 per sf, which falls within the range of class A rates for the area, which is $1.80 to $2.33 per sf.MDL is currently located in about 70,000 sf in two buildings in San Leandro. MDL executives say the move is an opportunity to upgrade its offices and provide employees with a more attractive work environment. Located along the I-680 corridor, the Bishop Ranch business park includes corporate office space, dining, shopping and hotel accommodations on 585 acres walking trails and exercise stations. All told, the park has about nine million sf of office space in 14 complexes. Vacancy in the Bishop Ranch submarket is in the 12% range, according to local market reports.

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