The lease, which commences in June 2008 upon expiration of its existing commitment, will keep Ixia at the Corporate Center at Malibu Canyon through May 2013. The lease rate starts at $2.56 per sf per month ($2.6 million per year) ramps up to $2.88 per sf ($2.9 million per year) in the final year of the lease, according to Ixia's 8-K filing.

The lease includes a five-year extension option and certain rights of first refusal to lease additional adjacent space. The lease also includes a $1.15-million tenant improvement allowance and a free parking at a ratio of 3.8 spaces per 1,000 sf leased.

Fronting on the 101 Freeway on Agoura Road, just west of the Las Virgenes exit, Corporate Center at Malibu Canyon is a 384,000-sf multi-building campus development. The lease is for all of two buildings and a portion of a third. Ixia leases all of 26601 West Agoura Rd., a 50,000-sf (net rentable) building; all of 26701 West Agoura Rd., a 21,612-sf building; and approximately 29% of 26677 West Agoura, a 43,658-sf building.

Staubach brokers Gary Horwitz, Alan Aufhammer, Tony Morales, and Michael Siteman represented Ixia. Tom Dywer from CB Richard Ellis and David Binswanger of Lincoln Property Co. represented the property owner, Lincoln Property Co. (MS LPC Malibu Holdings LLC), which acquired the property from the Calabasas-based Johnston Group in November 2006 for $90 million. Johnston, which retained the property management assignment, began developing the complex in 1985.

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Ixia Renews 84,000-SF Headquarters Lease

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