BT excerpt:
Sungevity, which designs custom solar power systems for residences, will move its 54 employees to new offices at Jack London Square, giving the Oakland project and its neighborhood a much-needed boost.
Sungevity, founded three years ago, will take 20,000 square feet in 66 Franklin St. to accommodate rapid growth in its business. The company occupies around 6,000 square feet in Berkeley that it will retain although its headquarters will move to Oakland.
The company looked throughout the East Bay and San Francisco before deciding on Jack London Square. Executives wanted access to public transportation, a central location within the Bay Area, proximity to restaurants and other amenities, as well as good leasing rates.
“We were really attracted to redevelopment and rejuvenation of Jack London Square,” said Danny Kennedy, president of Sungevity. “I’m from Sydney, Australia. … The waterfront is an added benefit, no question. It’s great to look out at the water and the marina and see the sun shining.”
Kennedy declined to say how much the company’s new space will cost. The average asking rate for Class A space in Jack London Square is around $29 per square foot according to CB Richard Ellis.
Sungevity focuses on the selling and marketing of solar panels and became known for its online quote system. The company uses satellite images of roofs to determine panel installation costs instead of sending workers out to measure roofs.
Last fall, it raised $6 million in venture capital funding led by Greener Capital. The company added 24 employees during the last quarter and expects to have at least 70 total by mid-2010. Most of the positions are in sales and customer service.
The company’s new home is in a building with 60,000 square feet of office space and 30,000 square feet of ground floor retail that was renovated as part of Ellis Partners’ $375 million redevelopment project.
Other tenants include Dealey Renton & Associates, an insurance firm, and the English Center, a language institute and Bocanova, a sister restaurant to Market Bar in San Francisco.
The building is next door to a new structure that houses the Jack London Market, set to open this year, and 100,000 square feet of vacant office space.
The East Bay has nurtured or attracted several solar energy-related companies, including Solyndra in Fremont, Sun Power in Richmond and First Solar, which signed a lease in downtown Oakland last fall.
The founders of Sungevity decided to start their firm in the Bay Area because it is receptive to solar energy, has a large potential customer and employee base, and has a history of software and technological innovation. Another perk is being part of the East Bay Green Corridor, a partnership of several cities.
Todd Graves, Brent Wickam and Shannon Dolan of Cornish & Carey represented Sungevity. Landlord Ellis Partners was represented by Bill Nork and Jonathan Tomasco, also of Cornish & Carey.