Sigray Nabs 63K SF R&D Lease in Tight Benicia Market

Sigray has leased a 63,100-square-foot office and research building in Benicia, a tight North Bay market for R&D.

The Concord-based X-ray manufacturer leased the two-story building at 5500 East 2nd Street, near Interstate 680, the San Francisco Business Times reported

Terms of the lease, as well as the identity of the landlord, were not disclosed, though Colliers said, the lease will serve Sigray “well into the next decade.”

Brokers Eric Erickson and Curt Scheve of Colliers represented Sigray in the deal. CBRE’s Brooks Pedder and Tony Binswanger represented the mystery landlord.

The building, built in 1987 on more than 4 acres, has 46,000 square feet of offices and 17,000 square feet of laboratory space.

The Sigray deal marks the second-largest lease along the North I-680 corridor in the fourth quarter, according to the Business Times.

R&D/flex vacancy in Benicia was 2.4 percent last quarter, below the 6.6 percent market average, according to CBRE. Sigray hunted for a suitable building in San Ramon, Walnut Creek, Concord and south Solano County.

“The North Bay office market has been challenged since the pandemic and this deal attracts vibrancy back to the market,” Pedder said. “The property had a lab and warehouse component, which was ideal for this R&D function.”

The R&D market for the Oakland I-880 corridor from Richmond to Union City had a vacancy of 14.1 percent in the third quarter, according to CBRE. Emeryville and Oakland had the highest vacancies, at a respective 39.1 percent and 20.1 percent.

— Dana Bartholomew