Oracle to lease 186K sf office building in Pleasanton

Two years after Oracle moved its Silicon Valley headquarters to Austin, Texas, the software giant is partially pulling up stakes from Pleasanton.

The company, formerly based in Redwood City, has put its five-story, 185,700-square-foot building at 5805 Owens Drive in Pleasanton up for lease, the San Francisco Business Times reported.

Its Loopnet listing says terms are negotiable, and doesn’t include a price. Brokers Jamie Endres Keller, Anthony Shell and Gregg von Thaden of Avison Young represent Oracle.

Oracle acquired the building during its acquisition of PeopleSoft, in 2004. It built a twin 185,700-square-foot office building it still occupies at 5815 Owens Drive, in 2009.

The Owens Drive listing is just the latest Bay Area office property shed by Oracle during the era of remote work.

A month after it announced its move to Texas in December 2020, the company subleased 86,000 square feet at 475 Sansome Street in San Francisco, leaving it with 22,000 square feet of offices in the Financial District.

Days later, the tech firm listed a 230,000-square-foot office building and parking garage in Belmont, across from its signature Redwood Shores headquarters, for an unknown price.

It also sold a 17-story office San Jose property it had owned since 2008 for $155 million.

Oracle leases or owns about 24 million square feet of commercial space worldwide, but has worked to gradually shed real estate.

By last June, the company had either sublet or listed 4.7 million square feet, or 20 percent of its total portfolio, according to a regulatory filing.

This month, the firm led by billionaire Larry Ellison put a 320,000-square-foot office complex in Santa Monica up for sale for an unknown price.

In June, Ellison paid $173 million for a 16-acre beachfront estate in Manalapan, Florida, making it the most expensive home sale in the state. That was after he paid $80 million for a North Palm Beach estate.

The co-founder of Oracle and the world’s 11th-richest person paid $300 million for 98 percent of Lanai, Hawaii, in 2012. His presence on the island is now pushing out longtime residents.

— Dana Bartholomew

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