Roblox Signs Up for 430,000 SQFT of New Space in San Mateo
By Meghan Hall March 18, 2022 via The Registry
Video game company Roblox is set to expand in San Mateo after signing leases for two brand-new buildings at Bay Meadows. First reported by the San Francisco Business Times, Roblox intends to take Station 1 and Station 5, which total 430,000 square feet.
“Roblox is solving some of the hardest technical challenges in the industry to co-create the metaverse,” a spokesperson for Roblox told the Business Times. “The new space is within walking distance to our HQ to accommodate future Robloxians as we scale and hire.”
The buildings, a part of Bay Meadows Station at 2750 and 3150 S. Delaware St., are being developed by Stockbridge and Wilson Meany. Newmark is marketing the property on behalf of the development team.
Station 1 totals about 219,000 square feet, based on information from a marketing brochure. Station 5 includes 214,000 square feet. Two other buildings part of the project include Station 6 and Station 7, which could each add 150,000 square feet and 100,000 square feet of additional space, respectively.
The buildings feature large, flexible floorplates, bike storage and locker room facilities, and “distinctive architecture” in a campus-like setting. Nearby amenities also include a community front yard with bocce ball, beer garden and 18 acres of parks.
Both Station 1 and Station 5 are nearing delivery. Station 1 will be completed in the second quarter, while Station 5’s delivery is anticipated to be the fourth quarter of 2022.
Overall, the recovery of office assets has continued to lag in urban settings, as companies have been generally leery of bringing employees back as the Delta and Omicron variants hit. At the end of last year, vacancy on the San Francisco Peninsula had increased by 20.95 percent year-over-year. On average, lease rates stood at $6.08 per square foot, full service, according to Kidder Mathews, while leasing activity totaled 2.8 million square feet for 2021. Currently, another 2.3 million square feet are under construction, including Station 1 and 5.
For the time being, Kidder Mathews predicts that the market will generally be fueled by life science companies, or firms whose work require in-person access to tech and lab space. Tenant improvement costs are expected to rise due to supply chain issues and scarcity of materials, and additional office space will likely be converted to lab uses in the future.
Full article by Meghan Hall: https://news.theregistrysf.com/roblox-signs-up-for-43000-sqft-of-new-space-in-san-mateo