Vagaro has inked a deal to lease 75,000 square feet of offices in Pleasanton.
The online scheduling startup will move into Rosewood Commons at 4430 Rosewood Drive, the San Francisco Business Times reported.
Terms of the lease with San Francisco-based Swift Real Estate Partners, which owns the eight-building, 775,000-square-foot office campus, were not disclosed.
Early this year, medical device firm Calyxo leased 25,000 square feet in the same building, moving from 4473 Willow Road in Hacienda Lakes. Terms of that deal with Swift were also under wraps.
The transactions, within the Hacienda Business Park, come during strong tenant demand for larger offices across the Tri-Valley, while smaller leases between 5,000 and 20,000 square feet have stalled, according to the Business Times.
For Vagaro, the new lease means less space and fewer offices.
The firm had subleased 106,000 square feet at 4430 Rosewood from software company Ellie Mae, which it assumed in 2022. That deal was slated to expire this year, and Vagaro opted to extend just 75,000 square feet via a direct lease.
The vacancy rate in Pleasanton’s 8.2-million-square-foot office market was 18 percent last quarter, compared to 22.6 percent in the Tri-Valley, according to CBRE.
The Tri-Valley has seen positive leasing momentum, including six lease deals larger than 50,000 square feet last year, according to JLL.
Rosewood Commons is well leased, with many existing tenants renewing their offices. New deal activity has been slower, JLL researchers said. The occupancy rate of Rosewood was not disclosed.
Swift bought Rosewood Commons in 2014 for $161 million, when it was 90 percent vacant. The company poured another $50 million into renovations, which helped it ink leases with Gap and Astex Pharmaceuticals.
In 2022, Swift sold off an 8.4-acre slice of Rosewood Commons to AvalonBay Communities for $27 million. Last summer, the Virginia-based developer broke ground on a five-building, 305-unit apartment complex at 4400-4460 Rosewood Drive.
— Dana Bartholomew
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