Presidio Bay Ventures Signs Two New Tenants To Menlo Park Mixed-Use
Two new tenants are coming to Springline, Presidio Bay Ventures' mixed-use project in downtown Menlo Park, an indicator of the area's continued strength in the office market relative to other parts of California and the nation.
Springline is still under construction, but its 200K SF of office is 75% leased with the addition of Norwest Venture and Cornerstone Research to the tenant roll. In addition, the project's 29K SF of retail is fully leased, according to reporting from the San Francisco Business Times.
The company declined to specify individual leasing totals for the two new tenants, according to the Business Times.
Located in three buildings in Menlo Park, Springline enters an office market that enjoys average rents that are nearly double the average for Silicon Valley at nearly $11 per SF on a full-service basis for Class A space, according to CBRE's first-quarter market report for Silicon Valley.
Developer Greenheart Land originally began construction on Springline in 2017, but Presidio Bay took over the project at the tail end of 2020.
The property sits at 1300 and 1302 El Camino Real and 550 Oak Grove Ave. In addition to the retail and office space, it includes 183 apartments, which are in pre-leasing. Other tenants actively leasing the property now include restaurants Burma Love and Che Fico, and the law offices of Kilpatrick Townsend & Stockton LLP.
The surrounding Bay Area metros outside of San Francisco have maintained strong demand for office and life sciences leasing and development. Presidio Bay also recently secured $118M in funding for the development of a life sciences project in San Carlos.