Video Game Developer Inks 25K SF Bishop Ranch Deal
Striking Distance Studios has leased 25K SF at Bishop Ranch and will move to the 585-acre complex in February, according to Sunset Development Co. Financial terms of the lease were not disclosed, but average annual asking rents in San Ramon were $38.40 per SF for Class-A office space in Q2, according to CBRE.
The current tenant mix at Bishop Ranch includes IBM, Rodan + Fields and SAP, and office space ranges from 150 SF to 1M SF. Overall, the campus is home to around 30,000 employees and over 600 companies, with amenities like lakeside dining, gourmet food trucks and a range of transportation programs.
Officially launched in June, Striking Distance Studios is an independent subsidiary studio of South Korean PUBG Corp.. The new company is led by CEO Glen Schofield, who helped develop popular video games like Call of Duty: Modern Warfare 3.
The company's move to Bishop Ranch follows other moderately sized leases this year, including medical device company The Cooper Cos., which grabbed 49K SF in Q4 2018, and WeWork, which signed a lease for 86K SF earlier this year, according to The Mercury-News. Coworking brand Spaces, a brand of Regus, is reportedly looking at leasing 40K SF at Bishop Ranch, according to Colliers International's 2019 Q1 report.
The latest activity follows Sunset Development's opening of nearby shopping center City Center Bishop Ranch, which is 300K SF, has 70 stores and was designed by celebrated Italian architect Renzo Piano.