Comerica Bank's deal is a renewal of its lease in the Terrace Building, where the bank signed a 10-year renewal for 11,646 sf. Comerica was represented by Craig DeMiranda of Trammel Crow Co. in Irvine, with Majestic Realty Co. represented internally by David Bui and Josh Wheeler.
Kaiser Foundation Hospitals signed a long-term lease for 9,900 sf, with John Archibald of Grubb & Ellis in Los Angeles representing the tenant and Bui representing Majestic. Alvarez-Glasman & Colvin signed a 40-month lease for 7,000 sf at the Atrium office building to serve as its headquarters. Jim Wynne of Grubb & Ellis in City of Industry represented the law firm, with Majestic represented by Bui and Wheeler.
Terms of the leases were not disclosed. Recent market reports list average asking rates for office space in the City of Industry at approximately $2.15 per sf per month, full service gross.
The 220,000-sf Atrium is the flagship building of the Crossroads Business Park, which includes office, retail and industrial buildings. Plans call for another 200,000-sf office building, with groundbreaking slated for 2007.
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