Exelixis (NASDAQ:EXEL) Executes 37K sf Expansion at The Waterfront, Bringing the Property to 100% Leased
Denver, CO (May 2, 2019) – Ascentris, a Denver-based real estate private equity firm, announced today a 37K sf expansion with Exelixis (NASDQ: EXEL), a publicly-traded biopharmaceutical company that discovers, develops and commercializes therapies for cancer, at The Waterfront located in Alameda, California. The expansion brings Exelixis’ total square footage at the Property to 170K sf. The Waterfront is a 385K square foot Class A office campus comprised of six buildings on 26 acres within the Harbor Bay Business Park near Oakland International Airport. Exelixis, which has been a tenant at the Property since May 2017, will take occupancy of its expansion space once its tenant improvements are complete, at which time the Property will be 100% occupied.
Ascentris, on behalf of a fund it manages, acquired the property in 2012 knowing several large tenants would soon vacate, leaving over 150K square feet of space to lease. The original business plan for the property included performing significant building improvements followed by a revised leasing strategy targeting tenants looking for lower-cost options relative to other Bay Area sub-markets, which boast some of the highest rents in the country. Ascentris enhanced the campus’ amenity offering with several additions including a new fitness center and yoga studio, electric vehicle charging stations, a bocce ball court and free Wi-Fi in the courtyard.
Exelixis relocated from South San Francisco, where it had been headquartered for almost 25 years. The move allowed the cancer drug developer to realize significant cost savings while also benefiting from a culture-centric campus environment that helps companies attract and retain quality employees.
“We are thrilled to expand our relationship with Exelixis. Their expansion is a testament to the quality of the real estate and office environment at The Waterfront” said Ascentris Senior Associate James Proffitt. “The East Bay submarket continues to see strong tenant demand due to its access to employees and the significant value proposition it offers relative to more expensive San Francisco submarkets” added Proffitt.
Ryan Hattersley and Elisa Konik of Cushman & Wakefield represented Ascentris and Gregg Domanico of Kidder Matthews represented Exelixis.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $1.3 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting core, value-add and opportunistic investments across all the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.