Business Specialties
Leasing
Jul 23, 2009
By: Melissa Lin, Contributing Editor
Making a splash in the sluggish office leasing market, medical manufacturer Advanced Bionics has just signed a 10-year deal for 146,400 square feet of space in Santa Clarita, Calif. According to the landlord, the office lease is Los Angeles County’s largest of the year thus far.
Advanced will move into Summit Oaks, a Class A office property sited within the master-planned community of Valencia. The firm will occupy the entire five-story building, which is owned by a partnership of Parker Properties and DEXUS Property Group. The property is also located within Santa Claritas’ Enterprise Zone, an area specifically designated to encourage growth and development by offering tax incentives. The company will begin move-in late 2009.
Summit Oaks is LEED-Silver certified for energy sustainability by the U.S. Green Building Council—a major draw for tenants, according to Parker CEO Lee Redmond, who noted that the sustainable features, “helped tremendously…they were attractive to Advanced Bionics not only because they were going to be able to reduce overall operating costs but keep their employees happy as well.”
Notably, when Parker first purchased the property a couple years ago, it aimed for a considerably smaller project. The building was originally three stories; but “we felt the property could be more intensely developed,” said Redmond, “particularly using parking structure, eventually increasing the square footage to almost 150,000 and from three stories to five.”
Redmond attributes the newly solidified deal to a combination of opportune factors: the floor plans at just the right size; a location near a corporate community; and a single building to consolidate the employees from different facilities. “We just so happened to be fortunate enough to be at the right place at the right time,” he said.
By: Melissa Lin, Contributing Editor
Making a splash in the sluggish office leasing market, medical manufacturer Advanced Bionics has just signed a 10-year deal for 146,400 square feet of space in Santa Clarita, Calif. According to the landlord, the office lease is Los Angeles County’s largest of the year thus far.
Advanced will move into Summit Oaks, a Class A office property sited within the master-planned community of Valencia. The firm will occupy the entire five-story building, which is owned by a partnership of Parker Properties and DEXUS Property Group. The property is also located within Santa Claritas’ Enterprise Zone, an area specifically designated to encourage growth and development by offering tax incentives. The company will begin move-in late 2009.
Summit Oaks is LEED-Silver certified for energy sustainability by the U.S. Green Building Council—a major draw for tenants, according to Parker CEO Lee Redmond, who noted that the sustainable features, “helped tremendously…they were attractive to Advanced Bionics not only because they were going to be able to reduce overall operating costs but keep their employees happy as well.”
Notably, when Parker first purchased the property a couple years ago, it aimed for a considerably smaller project. The building was originally three stories; but “we felt the property could be more intensely developed,” said Redmond, “particularly using parking structure, eventually increasing the square footage to almost 150,000 and from three stories to five.”
Redmond attributes the newly solidified deal to a combination of opportune factors: the floor plans at just the right size; a location near a corporate community; and a single building to consolidate the employees from different facilities. “We just so happened to be fortunate enough to be at the right place at the right time,” he said.
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