The website that keeps us accountable, Bill.com, just inked a 22.5k SF lease at the Palo Alto Technology Center, bumping up its occupancy to 99%. (Schoolhouse Rock will need to update its song to explain how a Bill.com becomes a real estate deal.)
The 259k SF office and R&D business park, owned by KBS, sits in an area that's long known as ground zero for the tech industry, says KBS senior VP and asset manager Brent Carroll, sitting back in his office. Bill.com is moving and expanding by about 10k SF, with an April relocation date. (Does that mean we're all paying more bills?) Their space is not unique for Silicon Valley, he says, and will include a large and open workspace with some private conference rooms and offices. Cornish & Carey Commercial Newmark Knight Frank repped both sides.
The tech center sits at 1800-1850 Embarcadero Rd and comprises 10 buildings across 18 acres. It recently underwent $5M in renovations and upgrades that included roof and HVAC replacements. About 30 miles north in downtown S.F., KBS' recently purchased 201 Spear is seeing some action. The company is working on three renewals at the 246k SF South Financial District site, says Brent, none of which have signed yet. They are also crafting plans for a new lobby, tenant lounge, locker and showers, and updated common areas. He promises to share more news shortly in regards to leasing love.
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