Sept 26 - Bridge Capital Holdings (Nasdaq: BBNK), whose subsidiary is Bridge Bank, a full-service professional business bank headquartered in Silicon Valley and with offices located nationwide, has signed a 10-year lease agreement with Embarcadero Capital Partners for the renewal and expansion of its operations at 55 Almaden Boulevard in downtown San Jose. The 10-year lease agreement, effective January 2014, includes the renewal of the bank's current lease of three floors in the Almaden Financial Plaza building, plus an additional 18,000 square feet located in the seventh floor of the building.
John Peckham, executive vice president and head of Bridge Bank's Information Systems Division, along with Scott Daugherty at Colliers International, represented Bridge Bank in the negotiations with Embarcadero Capital Partners. The additional leased space will be used to accommodate Bridge Bank's growing number of employees, in addition to providing space for client events and additional conference rooms.
"We continue to see demand in the market for our unique approach to business banking," said Tim Boothe, executive vice president and chief operating officer of Bridge Bank. "This additional leased space will allow for Bridge Bank to scale up to meet that demand, and is yet another sign of our continued commitment to being the business bank of choice for the entire Bay Area and throughout the country in select regions."
The bank recently reported that its assets had reached over $1.4 billion, driven by an 18 percent year-over-year increase in loan growth as of June 30, 2013.
Bridge Bank first moved to 55 Almaden Boulevard in San Jose in 2003, with an initial lease for nearly 36,000 square feet of space on the first and second floors of the building. Since then the bank has expanded its lease multiple times, adding new floors to accommodate for new banking divisions and additional administrative staff. Currently, the bank occupies three floors of space in downtown San Jose; this new expansion will bring the bank to 50 percent of the building's occupancy. Bridge Bank recently announced an expanded presence in San Francisco to accommodate for similar growth of its banking team there.