Ross Stores, a discount retailer based in Dublin, is taking scissors to its corporate headquarters.
The firm that runs Ross Dress for Less has listed 74,000 square feet of its headquarters at 5130 Hacienda Drive for lease, the San Francisco Business Times reported, citing a CoStar listing.
Ross has put nearly 50,000 square feet of the building’s fourth floor up for lease, alongside 24,000 square feet – or half – of the ground floor, according to the listing.
The Fortune 500 company listed the offices for lease at the end of last year, an unidentified source familiar with the Tri-Valley office market told the Business Times.
Phil Damaschino of CBRE holds the listing, but declined to comment to the newspaper. A Ross spokesperson couldn’t be reached.
Ross, founded in 1950 and based in the Tri-Valley for nearly two decades, bought its three-building, 414,000-square-foot headquarters in 2012 for an undisclosed price. Two years later, it occupied the campus to accommodate a growing workforce.
By shedding offices, Ross joins Chevron and Oracle in shrinking its Tri-Valley real estate footprint.
In September, Chevron sold its 1.3-million-square-foot office campus in San Ramon back to Sunset Development after leasing roughly 400,000 square feet at Sunset’s Bishop Ranch.
In November, Oracle put more than 185,000 square feet of offices in Pleasanton up for lease.
In the era of remote work, it’s not clear how many employees are based out of Ross Stores’ Dublin office. The company maintains buying offices in Los Angeles and New York, and operates 2,019 stores across the U.S. and Guam.
The Tri-Valley commercial real estate market had a 14.1 percent vacancy rate in the third quarter, according to Colliers. But that figure didn’t include the office exits by Ross or Oracle, according to the Business Times.
— Dana Bartholomew