The seller, Pacific Eagle Holdings, was represented by Drew Hildof Beitler Commercial. The buyer, Alex Winitsky, was represented byJoel Frank of First Property.

The transaction comes on the heels of a recent report showingthat although the county's office vacancy rates are climbing, rentshere are also rising. The report, published by NAI CapitalCommercial, finds that the average rental rate for class A space iscurrently $2.27 per sf, as compared to $2.16 at year-end 2000.

Meanwhile, the Basin's direct vacancy rate is at 12%, ascompared to 10% at year-end, NAI says. In addition, net absorptiontotaled negative 1.2 million sf in the first six months of 2001, ascompared to positive 5.4 million sf during the last half of2000.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.