PUBLICATION: AUSTIN BUSINESS JOURNAL
Months of speculation have come to an end as California-based Meta platforms Inc. – the parent company of Facebook – recently leased the entire commercial half of Sixth and Guadalupe, the 66-story high-rise under construction downtown that will be Austin’s tallest building when finished. The social media company has also pledged hundreds more jobs in Texas capital…READ MORE.
PUBLICATION: THE REAL DEAL SF
Company is second Redwood City business to lease part of same San Jose campus in past year
The robots are coming to San Jose.
Procept Biorobotics, a Redwood City maker of surgical robotics, agreed to lease about 158,000 square feet across two buildings in North San Jose that will become its new headquarters.
Procept signed a 122-month lease that starts on Dec. 31 with owners DivcoWest and Liberty Mutual Group, according to a Jan. 4 filing with the Securities and Exchange Commission and the Mercury News, which reported details of the transaction earlier. It’s renting more than half a four-building campus at 150-180 Baytech Drive and has options to extend its lease for two five-year terms.
The company will pay more than $4 million in base rent in the first year, or about $2.26 a square foot a month, and will receive a tenant improvement allowance of about $8 million from its landlord, according to the filing. Procept is renting its Redwood City headquarters, which total about 48,000 square feet, through 2023, according to the property records website CompStak.
The deal suggests Procept has outgrown its existing facility and needs three times as much room, even as its shares tumbled after a September IPO. Procept raised $164 million and was valued at about $1.7 billion after its first day of trading. The company now has a market valuation of about $996 million, the Silicon Valley Business Journal reported.
Procept is working on commercializing a surgical robotic system to treat prostate gland enlargement, a common condition for men as they age. The system works by creating a digital image of a person’s prostate and then removing tissue from it without changing how the gland functions. READ MORE.
PUBLICATION: THE MERCURY NEWS
Robotics company will move headquarters out of Redwood City
SAN JOSE — A surgical robotics company that’s fashioned cutting-edge treatments has signed a lease for a big chunk of office space in north San Jose for its future headquarters.
PROCEPT BioRobotics has leased multiple buildings in north San Jose on Baytech Drive, according to a filing with the Securities and Exchange Commission.
Through the leasing deal, the surgical robotics firm will exit its current offices in Redwood City and move its headquarters to the north San Jose site, the regulatory filing with the SEC stated.
PROCEPT BioRobotics agreed to lease about 158,200 square feet of office space at 150 and 180 Baytech Drive, according to the SEC documents.
Through a September 2020 initial public offering, PROCEPT BioRobotics raised $164 million. The robotics company priced its shares for the IPO at $25 each, which was above the initial pricing range of $22 to $24 a share. READ MORE.
PUBLICATION: DIGITAL JOURNAL
MeetElise, known best for their conversational multifamily leasing assistant, announced $23.5m in Series B funding today. Navitas Capital and JLL Spark co-led the round with participation from AvalonBay Communities, Equity Residential, Cushman and Wakefield, Moving Capital, DivcoWest, RMS Investment Group, and a host of other strategic partners. The Series B funding will drive a wave of growth through continued hiring, product expansion, and penetration into adjacent verticals. With this latest round of financing, MeetElise has raised a total of $32m, solidifying its position as a market leader.
Founded in 2017 by two software engineers, Minna Song and Tony Stoyanov, MeetElise has grown into the industry-leading solution for multifamily renter owners and operators. Serving 650K+ units across the US, MeetElise works with SMBs and large property management firms, such as Greystar, Lincoln Property Company, and Buzzuto Management. Customers point to tangible improvements in business metrics, including tour conversion rates, time savings, efficiency gains, and prospective renter satisfaction. Renters enjoy conversing with ‘Elise’ so much that they have even asked her out on dates or sent her gift cards for her hard work with helping them…READ MORE.
PUBLICATION: JDSUPRA
At the Allen Matkins 14th Annual View From the Top real estate summit, one of the panels discussed landlord and tenant space utilization trends and issues in the wake of the COVID-19 pandemic. The conversation, moderated by partner Elizabeth Wilgenburg, encompassed a range of topics, including when people will return to work in the office, how much and what kinds of space tenants will need, and how they are transforming these areas. Panelists included Ellen Albert, Executive Vice President, Viacom CBS; Robert Paratte, Executive Vice President, Leasing and Business Development, Kilroy Realty Corporation; Gregg Walker, Senior Managing Director, Head of Business Development, DivcoWest; and Julie Whelan, Global Head of Occupier Thought Leadership, CBRE.
The following are five takeaways from our panelists.
The shift to remote and hybrid work models has raised questions about the viability of the corporate office. Specifically, landlords and developers want to know whether tenants are looking for more or less space than what they sought before the pandemic. Although technology makes it possible for employees to work from a variety of spaces, it does not eliminate the need for office space. In fact, for small businesses, getting employees back into the office is often a greater priority than it is for larger companies. For now, the decision to return to the office remains fluid, with many companies planning to resume office-based work anywhere from the fourth quarter of 2021 to the first quarter of 2022… READ MORE
DivcoWest and Pickup Music Project (PuMP) today announced the installation of an interactive sound sculpture, The Musical Fence, at Cambridge Crossing (CX), the new 43-acre mixed-use neighborhood well underway at the intersection of Cambridge, Somerville, and Boston. The Musical Fence, located in the Common at CX, is an engaging and playable public art installation reimagined by PuMP that channels the spirit of Paul Matisse’s original musical fence which stood outside Cambridge City Hall in 1980. CX first introduced the project with a temporary installation in 2019, which then made its way to the Boston Children’s museum where people of all ages continued to discover its wonder. The Musical Fence is now a permanent piece in the new CX neighborhood.
Centrally located in Cambridge Crossing in the heart of the Common, a five-acre lush park and one of the many open spaces in the new neighborhood, The Musical Fence invites visitors to freely play and explore the interactive public art installation and make music of their own, creating a memorable sound experience. Through collaboration with Autodesk, this second edition of The Musical Fence at CX also brings innovation to its core with built-in technology that allows the fence to play back one’s composition and to freely play on its own.
“The Musical Fence is the ideal marriage of innovation, creativity, and community, which aligns with what we’re looking to achieve at Cambridge Crossing,” said Mark Roopenian, Managing Director at DivcoWest. “This interactive art installation encourages discovery and collaboration, whether that’s with a friend or a complete stranger, and we believe that it will create special and unique moments at CX.”
“We created this Musical Fence as a unique interactive artwork for members of the community to enjoy and explore together. The piece invites passersby to collaborate and create moments of shared music-making regardless of their musical background,” said Daniel Joseph (DJ), at Pickup Music Project. “I am proud of what our team was able to accomplish in the face of the pandemic. It took constant adaptation, adjustment and perseverance, but through it all, we held to our vision for this interconnected, self-playing, permanent musical fence. We can’t wait for everyone to participate, pick up a mallet and go play.”
The original Musical Fence was designed by artist and inventor Paul Matisse and was temporarily installed in front of Cambridge City Hall in 1980. This piece inspired DJ of The Pickup Music Proiect to recreate his own version that celebrates Matisse’s concept. First reintroduced by PuMP along the Mystic River, The Musical Fence was temporarily installed at Cambridge Crossing in 2019 and then moved to the Boston Children’s Museum where it was featured in the Kevin Hart film “Fatherhood.” Additional musical fences can be seen at the DeCordova Museum in Lincoln, Mass., the Montshire Museum of Science in Vermont, and in Macdonald Park in Medford, Mass.
With a name inspired by its mission, PuMP builds public spaces that allow for impromptu, pick-up music making, not unlike the way basketball courts allow for pick-up basketball. They do this by creating interactive sound sculptures (or big, outdoor musical instruments). Because of their design, size, and novelty, PuMP’s sculptures invite and encourage participation from all musical levels.
The Musical Fence is the latest addition to the blossoming public realm taking shape at Cambridge Crossing. The recently opened REI Cambridge and Geppetto restaurant joined Café Beatrice, The Lexington, and Tatte Bakery & Café in the neighborhood and Lamplighter Brewing Co. will be the next addition. When complete, CX will offer 100,000 square feet of local, authentic retail that sits at the heart of the project creating a true destination. Complementing the retail are 11 acres of planned public parks and open spaces, offering ideal settings for any outdoor activity.
Offering close proximity to Kendall Square, MIT and Harvard, CX is a thoughtfully-designed, vibrant neighborhood and will be a dynamic mixed-use life-science hub that inspires collaboration, innovation and connection. Tenants of CX’s thriving innovative ecosystem include Sanofi, Bristol Myers Squibb, Philips, Cerevel Therapeutics, and Thrive Earlier Detection. Earlier this summer, the neighborhood celebrated the topping of the future residential building Park 151, the first phase in what is expected to be several phases of housing development at CX.
For more information and updates on CX, visit www.cambridgecrossing.com, or follow along on Instagram, Facebook, LinkedIn, and Twitter.
PUBLICATION: PR WEB
This topping out signals the completion of retail and office floors, as well as the start of residential construction.
AUSTIN, TEXAS (PRWEB) NOVEMBER 16, 2021
Today, Lincoln Property Company and Karioi Residential, in partnership with DivcoWest, are proud to announce they have reached two major milestones at Sixth and Guadalupe in Downtown Austin – the topping out of the commercial portion of the building and commencement of residential construction. Designed by Gensler and constructed by JE Dunn, Sixth and Guadalupe will be the first mixed-use high-rise in Austin to combine over a million square feet of office, residential, retail, and outdoor space within one carefully choreographed building, including 9,984 square feet of retail on the ground floor, 14 levels of below and above-grade parking with ample electric vehicle chargers, 589,112 square feet of Class A office space on floors 14 through 32, and 349 residential homes on floors 34 through 66. Upon completion, this new tower will transform Austin’s skyline as the tallest building in the city at 875 feet and the fifth-tallest building in Texas.
“By stacking retail, office, and residential under one roof, Sixth and Guadalupe reimagines the way we live, work, and play delivering a new kind of urban experience in the city,” said Seth Johnston, SVP of Executive Management at Lincoln Property Company in Austin. “Austin is one of the fastest growing and most sought-after cities in the country for corporate expansions and HQ relocations; we feel that Sixth and Guadalupe will offer the best opportunity in Austin for both. Reaching these construction milestones gets us closer to making this mixed-use development a reality and we are grateful for all of the dedicated women and men working together to bring Sixth and Guadalupe to life.”
Sixth and Guadalupe is designed to foster community, creativity and innovation with state-of-the-art amenities including the largest outdoor office terrace in the CBD and the highest residential sky pool deck in the city. “With a focus on health and wellness, the building has expansive glass bringing in an abundance of natural light, amenities catering to today’s healthy lifestyle, unparalleled views of the city, best-in-class amenities, high-end finishes, and countless places to dine and gather within walking distance,” said Tony Curp, SVP of Development at Kairoi Residential. “When complete, we believe Sixth and Guadalupe will bring something new and truly special to downtown for companies and residents alike.” READ MORE.
PUBLICATION: SAN FRANCISCO BUSINESS TIMES
Impossible Foods’ hunt for a new headquarters location has ended back in Redwood City, where the alternative protein startup is already based.
An Impossible Foods spokesperson on Thursday confirmed the fast-growing company signed a lease at Building 10 at Pacific Shores Center, 1500 Seaport Ave., this summer. The company is taking the entire 164,000-square-foot building owned by DivcoWest.
The spokesperson said the company plans to occupy the space next year in addition to its current headquarters space at 400 Saginaw Drive, where it occupies 140,000 square feet. The spokesperson declined to give additional details regarding the terms of the new lease… READ MORE
PUBLICATION: YAHOO FINANCE
SAN FRANCISCO, Nov. 9, 2021 /PRNewswire/ — VergeSense, the leader in AI-powered workplace analytics, announced today it has raised $60 million in Series C funding, led by Scale Venture Partners with participation from DivcoWest and existing investors Tola Capital, JLL Spark, MetaProp, Allegion Ventures and Bolt. This investment will help the company accelerate platform innovation and growth as the market increasingly requires data and insights to drive necessary workplace transformation. In addition, Rory O’Driscoll, a Partner at Scale Venture Partners, will join the company’s board of advisors.
With 74% of enterprise companies returning to the office adopting a hybrid work model, business leaders are looking for new ways to maximize office space investments that foster employee productivity, culture and collaboration. Driven by this market need, VergeSense will use the funding to further invest in its spatial data capabilities, platform development and application ecosystem to be the transformational partner enterprises need… READ MORE
PUBLICATION: COMMERCIAL OBSERVER
The two buildings at 350 Water Street and 450 Water Street are just a portion of the larger, master-planned Cambridge Crossing life sciences mixed-use development in Boston.
A collection of four lenders have come together to originate a $1.23 billion loan to refinance developer DivcoWest’s 350 Water Street and 450 Water Street, two newly built life sciences and office buildings located adjacent to each other in Cambridge, Mass.
Deutsche Bank, Bank of America, JPMorgan Chase and 3650 REIT teamed up on the 15-year commercial mortgage-backed securities (CMBS) loan, according to data from Fitch Ratings, which analyzed the transaction. The deal is in line to close on Nov. 9… READ MORE.
