Presidio Bay Ventures has signed two new office leases at Springline, its 6-acre mixed-use project in downtown Menlo Park, Calif. Coworking company CANOPY will take up roughly 20,000 square feet in the development’s Southern building. Private equity firm Symphony Technology Group will occupy 21,000 square feet on the third floor of the same building, according to Silicon Valley Business Journal.
Originally called Station 1300, the development broke ground in 2017 with Greenheart Land Co. serving as the developer. Presidio took over the project and rebranded it as Springline in November 2020, according to the property’s website.
Located at 1300 El Camino Real, the live-work-play complex will be designed to LEED Platinum and WELL standards and will encompass two three-story office buildings spanning 100,000 square feet each and a residential community with 183 one-, two- and three-bedroom apartments. The office component will have 25,000 square feet of retail space, fitness studio and locker rooms, bicycle storage and a parking ratio of 3.30 spaces per 1,000 square feet.
The Newmark brokerage team that negotiated on behalf of the owner included Executive Vice President Christian Prelle, Vice Chairman Michael Courson, Director Clayton Jones and Senior Managing Director Cassidy Zerrer.
Last year, DivcoWest paid $610 million to purchase two office parks encompassing 297,826 square feet in Menlo Park, Calif. Newmark’s Jones and Prelle are part of the leasing team for the portfolio.