PDL is currently housed in a mix of owned and leased buildingsin Fremont, which sits just across the San Francisco Bay fromRedwood City. At Pacific Shores Center, it will occupy 1500 SeaportBoulevard, a 164,000-sf building currently in shell condition thatwill be built out as lab space, and 1400 Seaport, a 283,000-sffully finished and furnished building that that will house itsadministrative offices.

PDL is subleasing 1400 Seaport from OpenWave Systems Inc. forthe first seven years. The sublease will convert to a direct leasewith Jay Paul upon expiration and will run co-terminus with the1500 Seaport lease, both expiring on Dec. 31, 2021. The negotiatedlease rates were not released by the parties involved; thepublished triple-net asking rate for 1500 Seaport is $1.75 per sfper month.

The deal was brokered by Cornish & Carey Commercial/ONCORInternational. C&C's Client Solutions Group, led by KevinManning, analyzed PDL's needs, identified its space options andultimately negotiated the leases. C&C executive vice presidentPhil Mahoney represented Jay Paul. Manning tells GlobeSt.com thatthe search for space and the ultimate lease agreement follows an"exhaustive" financial and logistical analysis to determine exactlywhat PDL was looking for and what it should cost.