CBRE Arranges 64,000 SF R&D Lease in Benicia

CBRE arranged the lease at 5500 East 2nd Street in Benicia to Sigray, a manufacturer of laboratory x-ray systems. The deal was the second largest lease in Q4 2024 in the Napa-Solano County industrial market.

CBRE’s Brooks Pedder and Tony Binswanger represented the landlord, a private investor. Eric Erickson and Curt Scheve of Colliers represented the tenant.

“The North Bay office market has been challenged since the pandemic and this deal attracts vibrancy back to the market. The property had a lab and warehouse component, which was ideal for this R&D function. Sigray is at the cutting edge of x-ray development and this is a wonderful benefit for our client and the City of Benicia,” said Pedder.

Located in the Benicia Industrial Park, 5500 East 2nd Street has 17,039 sq. ft. of lab space and 46,069 sq. ft. of office space on 4.02 acres. The two-story building was built in 1987 and has one dock high door and three grade-level doors.

The vacancy rate for R&D/flex space in Benicia was 2.4% in Q4 2024, far below the 6.6% market average, according to CBRE Research.