This Week's Bay Area Deal Sheet
Adobe joined a list of software companies shedding office space in San Francisco.
The San Jose-based company listed for sublease about 156K SF across three floors at 100 Hooper St., according to the San Francisco Business Times.
Adobe said it is assessing its office portfolio to balance how its employees utilize space. Adobe’s decision follows that of many other major tech companies to give back space downtown, including Meta, Salesforce and X, formerly Twitter.
SALES
Cerberus Real Estate Capital Management acquired an undeveloped 13.3-acre site in Santa Clara from Greystar Real Estate Partners. The investment firm paid $50M for the site, which has been approved for 1,100 apartments.
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Summerhill Place Apartments, a 60-unit apartment building at 3900 Horner St. in Union City, traded for $15M. Summerhill Place was built in 1986 and acquired by a private entity in 1993. That same group sold the property for $250K per unit to Interstate Equities Corp. The unit mix splits almost evenly between one- and two-bedroom apartments.
Transwestern Senior Director Shivu Srinivasan brokered the transaction.
CONSTRUCTION AND DEVELOPMENT
SecureSpace opened a new self-storage facility in Richmond. The facility offers 120K SF of 100% climate-controlled self-storage space with drive-up and interior units. The storage building uses AI-enabled cameras and sensors to bolster security.
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UC Berkeley is planning on transforming four buildings it owns in downtown Berkeley into two large laboratory buildings for research and development and genome engineering.
Under the plan, the university would tear down the buildings and replace them with two new ones, according to Berkeleyside.
The larger building would be eight stories and 310K SF, and the second would be approximately five floors and 176K SF. The plan must be approved by the Berkeley City Council before it can go forward.
LEASES
Torani, maker of flavored syrups, pre-leased a new Prologis warehouse development in San Leandro. Torani will relocate its warehouse and distribution operations from its current headquarters in San Leandro to the new facility. CBRE’s Bob Ferraro and David Black represented the tenant.
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Healthpeak Properties signed 124K SF of lab space leases at 494 Forbes Blvd. in South San Francisco. One of the leases is for a 23K SF development site that is 52% pre-leased.
PEOPLE
Rockefeller Group has named J.P. Harlow managing director for the West region. Harlow will be responsible for expanding Rockefeller Group’s presence on the West Coast, specifically sourcing industrial, residential and office projects in the Pacific Northwest and Northern California. He will also coordinate and source equity and debt and secure venture partners for the new markets.
