Cornish & Carey Commercial Newmark announced today that MegaPath, Inc., one of the leading providers of managed data, voice, and security services in North America, executed an agreement to lease 25,709 square feet (sf) in Bernal Corporate Plaza in Pleasanton, California. MegaPath plans to relocate to Bernal Corporate Plaza to take advantage of the attractive offerings of this “city within a city,” -which include immediate access to retailers and services that employees require each day. Cornish & Carey Commercial Newmark’s Jeff Morgenstern, Dan Watson and Marcy Place represented Bernal Corporate Plaza for the landlord, Principal Real Estate Investors. Kevin Mechelke and Tom Maloney of Jones Lang LaSalle represented MegaPath, Inc. in the transaction.
Bernal Corporate Plaza is comprised of two modern Class A, three-story buildings — each 108,500 sf — totaling 217,000 sf. MegaPath plans to occupy its second floor office space at 6800 Koll Center Parkway in the third quarter of 2011. Other Bernal Corporate Plaza tenants include Republic Services and KB Home. Bernal Corporate Plaza is located within Bernal Corporate Park, a 1.2 million square foot office park occupied by tenants including EMC Corporation and JP Morgan Xign Corporation. Located at the junction of Highway 680 and Bernal Avenue in Pleasanton, Bernal Corporate Plaza includes a free on-site workout and conference center, a coffee shop, and access to numerous other retail amenities.
“MegaPath found an ideal fit at Bernal Corporate Plaza and we are happy to accommodate this exciting company,” said Cornish & Carey Commercial Newmark Vice President Jeff Morgenstern. “As companies seek to maximize productivity, they are increasingly exploring real estate solutions that keep employees close to the office the entire work day. At Bernal Corporate Park, tenants enjoy a ‘city within a city’ environment with everything they need within walking distance.”
Later this year, all Bernal Corporate Plaza tenants will enjoy access to several new retailers. The Pleasanton Gateway Retail Plaza is under development directly across the street from Bernal Corporate Plaza, with a projected completion date in the fourth quarter of 2011. The 129,000 sf Lifestyle Retail Center will be anchored by a 58,000 sf Safeway. Demand for the remaining 67,000 sf of retail space at the Pleasanton Gateway Retail Plaza is strong and active negotiations are currently in progress with local and national retailers and financial institutions for shops, pads, and junior anchor locations.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management; the firm also manages or subadvises $35.4 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark core values of integrity and knowledge. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.