By IvyLee Rosario
Law firm DLA Piper signed a renewal of its current lease at University Circle, an office campus in East Palo Alto, Calif. The company finalized its contract with Columbia Property Trust to retain its 119,000-square-foot space through June 2023. The renewal will go into effect once the current lease is completed in June 2018.
Open since 2003, University Circle comprises three office buildings, in which Columbia owns a majority interest, as well as a Four Seasons Silicon Valley. Columbia is currently implementing upgrades to the campus central courtyard to create more collaborative and entertaining communal spaces. With DLA Piper’s renewal, the 451,000-square-foot campus will stay nearly 100 percent leased. Columbia acquired the office portion of the property in 2005, where DLA Piper has been a tenant since that time. Other notable tenants include Amazon Web Services and NTT innovation Institute.
“We greatly value our relationship with DLA Piper and are pleased to retain this important tenant for University Circle,” said Nelson Mills, president & CEO of Columbia Property Trust, in prepared remarks. “With this renewal, we have renewed the largest remaining 2018 lease expiration in our portfolio, at favorable terms, further strengthening our portfolio and continuing to build on our value-creation strategy.”
Earlier this year, Columbia Property Trust signed a lease renewal and expansion with Regus, to occupy 39,643 square feet at One Glenlake Parkway, an office building in Atlanta.
Image courtesy of Columbia Property Trust