A rapidly growing biotech company recently signed one of the East Bay's largest office leases this year in Pleasanton.
10x Genomics, a maker of gene imaging and analysis tools, plans to move its headquarters to 6230 Stoneridge Mall Road where it grabbed 150,151 square feet.
Revenue exploded in the past three years by 2,044 percent from $3.32 million in 2015 to $71.18 million in 2017 making it one of the Bay Area's fastest growing private companies.
“The company is experiencing tremendous growth and required a new, larger headquarters that could accommodate their future real estate needs,” said Mitchell Hertz, a broker with Cushman & Wakefield who represented 10x in the lease along with John Lewerenz of the same firm.
The company will move from a 40,000-square-foot office on Koll Center Parkway in Pleasanton early next year. Most of 10x's 330 total employees are based in Pleasanton. With the additional space, 10x to add up to 200 employees in the next few months.
The six-year-old company has raised $238 million in funding from venture capitalists and equity investors such as Venrock, Foresite Capital, SoftBank and Fidelity and is on track to file for an initial public offering in the future.
Last October, CEO and co-founder Serge Saxonov lured Justin McAnear to be his new CFO from his previous post as Tesla Vice President of Global Finance and Operation.
“We keep expanding,” Saxonov told the Business Times in October. “The culture needs to keep evolving.”
Unlike other biotech companies that have clustered in South San Francisco and Emeryville, 10x wanted to stay in the Tri-Valley, Hertz said.
“Their strategic location provides close proximity to a stable educated workforce, affordable housing and a reverse commute for employees living elsewhere in the San Francisco Bay Area,” he said.
The new headquarters space will be in a five-story building in Pleasanton Corporate Commons, a business park owned by UBS Realty Investors. The complex is near Stoneridge Mall and Interstate 680 and is a five-minute walk to BART. Brian Lagomarsino of Colliers International represented the landlord in the deal.
“10x’s new facility in the Pleasanton market is unique as it reflects the growth of a biotech company within a more vertical office building complex as opposed to a more traditional two-story R&D building,” Lewerenz said.
Overall, Pleasanton’s vacancy rate for Class A space hovered near 9 percent during the third quarter with average asking rents around $36 per square foot, according to Colliers International.
During the past year, the East Bay has seen relatively few large office leases, especially compared with San Francisco, which has seen more than two dozen.
Last month, another bioscience company, Valent USA, took 96,535 square feet in the Canyon Corporate Park at 4600 Norris Canyon Road in San Ramon.
Other recent East Bay deals include co-working operator WeWork taking 68,000 square feet in 2201 Broadway in Oakland, Tanium Inc. moving its headquarters into 65,000 square feet in 2100 Powell St. in Emeryville, and Dynavax Technologies Inc. taking 75,000 square feet in the recently completed 265,000-square-foot EmeryStation West in Emeryville.
Article source: https://www.bizjournals.com/sanfrancisco/news/2018/11/29/10x-genomics-pleasanton-headquarters-lease-biotech.html
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