Webroot Software Feels More Secure After Signing New San Mateo Lease for 47k sf

RENTV - Real Estate News Television, March 31, 2010

Webroot Software has agreed to a new lease for 47k sf of office space in San Mateo, in a deal that will relocate the security software firm from Mountain View. The company’s new space is within the Crossroads office complex, located at 1855 S. Grant St, just north of Hwy 92 and north of the 101 Fwy. Terms of the transaction were not disclosed.

Signage and future expansion opportunities were key issues for the growing company in selecting the Crossroads property. The five-Story building was originally the headquarters for Siebel Systems, who later grew to over 275k sf at the Crossroads.

Greg Osborn of Osborn Capital Management, the operating partner of the ownership, is excited about Webroot’s move to The Crossroads. Osborn stated that "We were looking for a company to make this building its local headquarters and are thrilled to have found Webroot. Webroot has a strong, deeply experienced, and disciplined management team which will result in their continuing success and growth".

Sandy Rodriguez of CB Richard Ellis, who represents the building owner, Crossroads Associates, noted that despite tough market conditions and a higher than usual vacancy rate, Webroot had to compete for the space. The firm was repped by Peter Hamann of CresaPartners. Another tenant also looking at the space ended up signing a 21.5k sf lease at another building in San Mateo.