The new tenant will take 15,000 sf at the office facility, according to the terms of the five-year lease. It plans to move to the Mission Valley building, which stands at 1455 Frazee Rd., in April of this year.
Gary Goodgame of Corporate Realty Associates acted on behalf of Preferred Employers Insurance Co., which specializes in workers' compensation insurance. Ron Miller and Mark Wayne of Burnham Real Estate Services ONCOR International represented the lessor, DL Pacific Center LP.
Pacific Center I is part of a two-building office complex, which encompasses a total of 438,715 sf. The other facility, Pacific Center II, stands at 1615 Murray Canyon Rd. The property changed hands in autumn 2002, when Maier Siebel Baber sold it to DRA Advisors and Landmark Asset Management for $85.8 million. Other tenants that have recently taken space in the facility include Progressive Casualty Insurance and Countrywide Home Loan.
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