|Building housing new HQ of CIRM|
“Given the cost of remaining at our current location, we had no choice but to move.”
“Although CIRM will incur some one-time costs as a result of its relocation, we believe that the space is better designed to facilitate the CIRM team’s execution of CIRM 2.0 and beyond, and CIRM will realize more than $2 million in savings over the course of the lease compared to the costs of remaining in its current space.”
“Indeed, even at $75 per square foot for our current space, in the first year alone, CIRM will save approximately $1 million in rent ($501,569 in Oakland compared to approximately $1.5 million (19,500 sq. ft. x $75).
“Over the next five years and four months, CIRM would pay approximately $8 million to remain in its current office space. The costs for rent in Oakland will be approximately $3.975 million (assuming CIRM occupies the entire premises, including the 15th floor, for the full term). Thus, even with CIRM bearing some of the costs of tenant improvements and other one-time relocation expenses, CIRM will realize substantial savings from the move and it will occupy space that is better designed to achieve the agency’s mission.”
Capturing the headquarters of California’s world-renown stem cell agency is a nice score for Oakland. It has long been a poor cousin to San Francisco, lacking the glitter and romance of the city that was once known as Baghdad-by-the-Bay. No one sang about “losing their heart" in Oakland, as Tony Bennett has famously done about San Francisco.
|Oakland, 1901. CIRM's new HQ is on Lake Merritt, shown|
at the lower left of the map.