Invesco Lands 2-Building Lease in the Bay Area

Loop at Harbor Bay. Image courtesy of CBRE

Azzur Group has leased two buildings at the Loop at Harbor Bay in Alameda, Calif. The company will occupy approximately 76,300 square feet. CBRE represented the office buildings’ owner, Invesco, while Stream Realty Partners and Colliers represented the tenant.

READ ALSO: Bay Area’s Life Science Boom Under the Microscope

Built in 2021, the six-building business park totals approximately 332,000 square feet. Developed to house life science companies in their transitioning process from the lab into pilot manufacturing and commercialization, the office park also has Exelixis, Abbott Diabetes Care, Penumbra and SentiBio as tenants. The property is approved for advanced manufacturing, bio life science, research and development, STEM and advanced manufacturing, Mark Kol, executive vice president at CBRE, said in prepared remarks. It also features a free BART shuttle.

Located at 1955 and 2065 N Loop Road, the two buildings each average 38,000 square feet. The business park is some 3 miles northwest of Oakland International Airport and some 5 miles west of Interstate 880, offering easy access into downtown Oakland. The South San Francisco Ferry Terminal and the San Francisco Ferry Building are both easily accessible via shuttle.

A burgeoning market

Life science experienced substantial growth last year in the wake of the global health crisis. Bay Area is one of the top markets which attracted a surge of new development. There is continued demand, with vacancy for life science and biotech space in the area being less than 2 percent. According to a CBRE report, life science employment in the Bay Area increased 5.6 percent between 2019 and 2020, making it the largest life science workforce in the U.S., with 129,000 jobs.