More than 630,000 square feet in office leases were signed this year at Bishop Ranch, according to Sunset Development, the family-run firm that has owned the office park since 1978. The leases range from just one year up to 11 years, with an average lease length of seven years, according to the company, which said it has signed or renewed with 174 office tenants in total this year.
The majority of the biggest lease agreements were renewals, including recruiters Robert Half, which renewed on more than 70,000 square feet in the Lakeside section of the San Ramon office park. That’s the same area where Chevron made a 400,000-square-foot commitment last year after selling its 92-acre campus abutting Bishop Ranch to Sunset for $175 million.
Sunset is still in the process of building out the energy company’s new office space, which can hold up to 2,000 employees. Chevron plans to move into its new global headquarters in April 2024.
“Chevron’s commitment to remain at Bishop Ranch not only validates the appeal of our community but also enhances the evolving ecosystem within Bishop Ranch,” said Alexander Mehran Jr., CEO of Sunset Development, in a statement. He listed its “tailored amenities, programs and services catered to meet the needs and wants of today’s workplace” as key attractions to tenants.
The 585-acre Bishop Ranch — which also has retail and restaurants at its City Center mall and is in the midst of building its first-ever residential projects — has maintained a large office presence among homebuilders and associated building trades. Carlson Barbee & Gibson, a civil engineering firm, renewed its lease for just over 24,000 square feet in the Sycamore area. Homebuilder and developer Taylor Morrison also renewed in Sycamore for more than 11,000 square feet. TRI Pointe Homes renewed its lease for 18,881 square feet in Lakeside and KB Home renewed for 17,302 square feet in the Canopy section.
Insight Global, a staffing company, renewed its lease on more than 20,000 square feet in the Orchards section, where Related is planning to build about 400 luxury apartments and Belmont Village Senior Living broke ground in February. New York Life Insurance re-upped its lease for nearly 16,000 square feet in Sycamore and Canary Marketing renewed over 10,000 square feet, also in Sycamore.
The renewal rent rates were usually at the same level or higher than the previous leases, depending on when the previous lease was signed and what building the tenant occupies, according to Mehran Jr., who is the third generation in his family to own and run Bishop Ranch.
There were also some prominent new leases signed. Professional services company Vaco signed for 50,000 square feet in Sycamore through 2029 for its digital operations center, which is focused on “content moderation, trust and safety, curation and digital tagging for social media giants from across the San Francisco Bay Area,” according to its website. Public accounting firm Withum signed an 11-year-lease for nearly 13,000 square feet in Orchards, and renewable energy company Solargistix leased just over 12,000 square feet in the Shepherd’s Glen area.
Legacy Mechanical & Energy Services, which provides HVAC services, leased 8,820 square feet in Sycamore and CEO Chris Lofaso said in a statement that he was “extremely excited” about the move to Bishop Ranch due to the walkable amenities at City Center, quality of the facilities and ease of working with Sunset.
“Without them, we would not have been able to pull off our office relocation on such an accelerated schedule,” he said.