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9/17/14
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Box Inc has inked a 12-year lease for all of Crossing/900, a two-building, 334k sf office project currently under development by Kilroy Realty Corp (KRC) in Redwood City. The project, designed by Korth Sunseri Hagey, is located just steps away the city’s Caltrain station.
KRC owns 93% of Crossing/900 in a venture with Hunter Storm, a private development company. The project will also contain 5k sf of retail space, not leased by Box in this deal.
Crossing/900 will be a LEED Gold-certified development project that will feature contemporary design, large open floor plates, elevated terrace and plaza areas, abundant structured parking and up-sized base building features that allow for greater densities that are highly desirable among today’s modern workforce. The campus is located in Redwood City’s downtown urban core, within walking distance of retail, dining and entertainment amenities, as well as more than 1,500 residential units under construction. It is also conveniently close to the two major freeways serving the region and San Francisco International Airport.
“The project’s live, work, play location and innovative design that fosters collaboration amongst employees appeal to both technology and professional service tenants,” said Mike Sanford, KRC’s senior vice president, Northern California.
Box is a leading provider of secure cloud content management services for global businesses. The company will take occupancy of the first building, totaling approximately 226k sf in the third quarter of 2015 and the second building, totaling approximately 108k sf in early 2017.
Ben Stern and Matt Winters from Newmark Cornish & Carey represented Box in the transaction. Mike Moran and Ben Paul from Cassidy Turley repped the landlord. With this signing, Kilroy is close to 85% leased on their six office projects currently under construction in the Bay Area, which have a total estimated investment of approximately $1.5 bil.
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