The local space, amounting to 350,000 sf, was freed up and placed on the sublease market as a result of the merger. The Cadbury Schweppes signing marks the second big catch for Staubach in its effort to fill the space for Sanofi-Aventis. Earlier, the firm signed Reckitt Benckiser N.A. to 140,000 sf, and overall, about 50,000 sf, including a 6,000-sf data center, remains available for sublease, according to Loughlin.
We are progressing to the final stage of this corporate property disposition, Loughlin tells GlobeSt.com. “From the outset, our marketing strategy focused on tenants with sizable requirements, and with an appreciation of the building’s unique two-pod design.
Property Conveyancing Brisbane “The addition of Cadbury along with Reckitt Benckiser, both in separate building pods, creates two distinctive corporate headquarters environments,” Loughlin continues, “But it also allows both occupants to share the existing amenities originally developed in the building.
For Cadbury Schweppes, the move also places two of its chief North American units in very close proximity. Cadbury Adams, the company’s candy and gum division, is getting set to move into a new 150,000-sf office and technology center just down the road in Hanover Twp. As reported by GlobeSt.com, Capital Lease Funding of New York City recently bought the under-construction building from the Archon Group for $48 million, or about $320 per sf.
A host of larger cities and a coalition of smaller cities have submitted bids to host the California Institute of Regenerative Medicine, a new entity created to dispense $3 billion in stem cell research money approved by voters under Proposition 71 in November. Los Angeles, San Diego, Sacramento, San Francisco, San Jose, Emeryville and the San Mateo County Economic Development Association all submitted bids before Wednesdays deadline.
The bids were submitted this week to the institutes Sacramento-based site selection committee. Committee officials will review the options and on April 22 select its first choice and a runner up. The final choice will be made May 6. The institute is expected to open its permanent headquarters in July. The bid requirements called for 17,000 sf of low- or no-cost office space to be provided for 10 years, at least 40 spaces of free parking and low-cost meeting and hotel facilities.
The institute states that these are minimum requirements, which could mean the additional benefits will decide the winner. As part of San Franciscos bid, Stockbridge Capital partners is offering to provide 20,000 sf of new office space across from SBC Park in Mission Bay (250 King Street) and provide it turnkey and free of charge to the institute for 10 years. In addition, Joie de Vivre Hospitality and Kimpton Hotels are offering more than 2,500 free room nights and additional 14,000 discounted room nights valued at $1 million, and Gensler Architects and general contractor Hathaway Dinwiddie also are offering free services.