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Amid ongoing redevelopment of much of the Bishop Ranch neighborhood in San Ramon, the area is continuing to attract new companies and workers this year, many of whom are agreeing to lengthier lease terms.
The 15 new tenants so far this year in the office park owned by Sunset Development Company have signed leases for an average length of seven years, approximately double the three-to-four-year average from 2009 to 2023, according to company officials in a press release June 16.
“This year, Bishop Ranch has seen more 10-year and longer lease commitments than in the past 20 years,” said Andrea Reeder, senior vice president and director of leasing at Bishop Ranch.
So far this year, new leases have been secured for a total of more than 254,000 square feet, including a 38,263 square-foot “landmark” lease with the skincare company Face Reality at the former Chevron Park site being redeveloped as The Orchards.
“As we celebrate 20 years of growth, this new lease marks a meaningful investment in our people and our future,” said Kate Kollerer, vice president of operations and technology at Face Reality. “We’re thrilled to partner with Bishop Ranch, a leader in delivering premier office environments that prioritize tenant success.”
Other notable new tenants that are relocating to or within Bishop Ranch include BMO, Hill Physicians Medical Group, Alamo Health Management, Grid Dynamic Holdings and Summit Financial Group.
The 15 new leases are in addition to the renewal of 37 existing leases for a total of 196,812 square feet of office space.
“Companies are not only choosing Bishop Ranch for their current needs, but for their future growth,” Reeder said.
“As we see signs of optimism returning to the Bay Area market, companies are making strategic, long-term investments in office environments that support collaboration, community and culture,” she added. “They understand that while large square footage isn’t always needed day-to-day, creating a meaningful workplace experience, beyond just four walls, matters more than ever.”
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