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8/24/20
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RingCentral has renewed their headquarters lease of approximately 85k sf of office space in the Bay Area city of Belmont. The company is a provider of global enterprise cloud communications, collaboration and contact center solutions
The firm’s lease is at 20 Davis Dr, east of I-280 off Ralston Ave. Located in San Mateo County, the Class A three-story building features a floor-to-ceiling glass atrium, a full-service kitchen, café area and sweeping views of the San Francisco Bay area.
Ben Stern, Jon Cannon and Joe Hamilton with Newmark Knigth Frank represented RingCentral in the lease negotiations. Mike Moran and Clarke Funkhouser of Cushman & Wakefield repped the landlord. Terms of the deal were not disclosed.
The North Peninsula office market showed signs of vacancy and rental rates trending up, construction and deliveries staying neutral and absorption trending down in Q2 2020, according to NKF Research. Despite softening tenant demand and rising vacancy in the North Peninsula, average asking rates were recorded at $5.61/SF full service, up from $5.53/SF in the prior quarter.
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