Audio Technology Leader, Digidesign Takes Headquarters Space at Pacific Plaza
05/25/2000 Category: Leasing and Development
— Digidesign, a division of Avid Technology, will relocate from Palo
Alto to 128,000 square feet at Pacific Plaza in Daly City —
— Pacific Plaza, a dynamic office and entertainment campus built by
Summit Commercial/Mack-Cali, creates 24-hour live/work environment
around transportation hub
DALY CITY, Calif. — Digidesign, the leader in digital audio production software and systems, has selected Pacific Plaza as its new headquarters location, signing an eight year lease, valued at $53 million, for three floors totaling 128,000 square feet. A division of Avid Technology, Inc. (NASDAQ: AVID), Digidesign will relocate 258 employees from its current Palo Alto location to Pacific Plaza in June 2001. Pacific Plaza is a $160 million, 720,000-square-foot business and entertainment campus being developed by Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI) in a premier location in Daly City's major transportation corridor, which includes an adjacent BART station.
"Pacific Plaza is a terrific alternative for Silicon Valley companies. Here we can offer our employees a convenient, fun and comfortable work environment in a location that alleviates some of the commuting stress, which gives us a leg up over the competition in hiring and retaining top talent," said Dave Froker, General Manager of Digidesign and Sr. Vice President of Avid Technology. "The efficiency of the office design coupled with incredible outdoor spaces and a host of daytime and nighttime activities is a perfect combination for our business that works on ‘Internet' time."
Founded in 1984, Digidesign has established itself as the world's premiere digital audio workstation company for musicians, engineers, broadcasters, post-production professionals and multimedia artists. The company went public in late 1993 and merged with Avid Technology in 1995.
"Avid Technology and its audio business Digidesign are the dominant players in their fields. The commitment by this established, cutting-edge, immensely creative technology company to Pacific Plaza is compelling evidence of the strength of this location and our development model — providing flexible, creative office space alongside a host of entertainment amenities with unparalleled transportation access," said Jack Mahoney, president of Summit Commercial Properties. "The energy and vitality of Digidesign will set the tone for Pacific Plaza. "
Digidesign's Pro Tools system has set the standard in the industry for digital audio workstations and has been used to create hit recordings for such notable stars as Ricky Martin, Madonna, Clint Black and Mariah Carey. Avid Technology is the undisputed leader in post-production technology for the film and television industries.
Pacific Plaza comprises approximately 600,000 square feet of Class A office space, an all-suites hotel, a 20 screen cineplex and 40,000 square feet of retail and restaurants. The office buildings feature large, 40,000-square-foot floor plates with abundant windows to take advantage of the panoramic views from the city to the bay afforded by its hillside location.
"Daly City's elected officials and agency leaders are invaluable partners in this public/private development and provide the business-friendly environment which, coupled with Pacific Plaza's location, make this a top choice for leading Bay Area companies like Digidesign," added Mahoney.
Set on 10 acres along Junipero Serra Boulevard between John Daly Boulevard and Westlake Avenue in the commercial hub of downtown Daly City, Pacific Plaza's amenities include a state-of-the-art 3,950-seat, 20-screen cineplex, operated by Century Theatres, along with the retail and restaurant spaces which will spill out onto the project's one-acre centerpiece plaza. This half-mile long promenade will be bordered with trees where it meets the adjacent Marchbank Park and will feature playful fountains with ample seating for reading and relaxing. Comprised of four mid-rise buildings, Pacific Plaza's design echoes the sweeping curve of the adjacent BART station and incorporates parking structures to house 2,700 parking stalls.
Groundbreaking for Pacific Plaza was held in November 1999 with completion planned for June 2001.
Steve Levere of Staubach Company represented Digidesign in the lease while James Lees, Tim Grant, Phil Tippett and Darin Bosch of CB Richard Ellis represented Summit Commercial/Mack-Cali. Pacific Plaza has been designed by Kaplan, McLaughlin, Diaz and Charles Pankow Builders is the general contractor.
About Digidesign: Digidesign, a division of Avid Technology, Inc., is the leading digital audio production software and systems manufacturer. Digidesign's products provide the professional music, film, video, multimedia and broadcast radio industries with CD-quality digital recording, random access editing, advanced signal processing and digital audio mixing applications. Digidesign products are marketed in over 30 countries worldwide, through a distribution network of value-added dealers, distributors and OEM relationships.
About Mack-Cali: New Jersey-based Mack-Cali Realty Corporation (www.mack-cali.com) is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its Class A real estate portfolio. Mack-Cali owns or has interests in 264 properties, primarily office and office/flex buildings, totaling approximately 28.3 million square feet and serving over 2400 tenants. The properties are located in 12 states and the District of Columbia.
About Summit Commercial: Summit Commercial is an affiliate of Highridge Partners (www.highridgepartners.com), one of the nation's most successful and respected real estate companies. Headquartered in Los Angeles with Northern California offices in Sacramento, the company has acquired, developed and managed a real estate portfolio valued at more than $3 billion in the past decade.