Pandora Media, Inc. has amended its lease agreement with landlord CIM/Oakland Center 21, LP for its corporate headquarters space in Oakland, CA. The lease amendment increases both the leased space and the term of the lease.
The lease previously required monthly lease payments through September 2017. This amendment is expected to result in an additional commitment of approximately $18.4 million through 2020.
CBRE and Colliers International served as the brokers on the deal, according to the lease agreement, which can be found by clicking here.
The lease expands Pandora’s space to include the 8th floor of the 2101 Webster Building, consisting of 24,214 rentable square feet, and a portion of the 7th floor of the 2101 Webster Building known as Suite 750 consisting of 11,222 rentable square feet.
Following the expansion, Pandora’s lease will consist of a total of approximately 134,308 rentable square feet.
Built in 1984 and renovated in 2007, 2101 Webster is a 473,000 square foot 20-story Class A office tower located in the Lake Merritt district of downtown Oakland, according to CIM Group‘s website. In 2008, a 217,000 square foot addition, called 2100 Franklin, was built and the two buildings are now collectively referred to as Center 21.
For the first 12 months of Pandora’s extended term, base rent for the tenant’s existing premises will be $306,503.20 per month, based on $3.10 per rentable square foot. From October 1, 2018 through September 30, 2019, the tenant will pay $315,401.68 per month, based on $3.19 per rentable square foot. From October 1, 2019 through September 30, 2020, the tenant will pay $325,288.88, based on $3.29 per rentable square foot.
Base rent for the expansion space will be in the amount of $97,449 per month, based on $2.75 per rentable square foot per month. On each anniversary of the Expansion Commencement Date, base rent for the expansion space will increase annually by 3 percent per annum.