According to Brett Racanelli, an associate vice president withthe Los Angeles office of UGL Equis, one factor that weighedheavily in Diebold's decision to move to Cypress was finding theappropriate asset type for the ATM and security firm'sconsolidation. Racanelli, who represented Diebold in the lease,explains that, through its move to the Chip Avenue building in the200-acre Warland Cypress Business Center, Diebold "has been able tobuild out a brand new high-image facility to reflect the company'snew office standards and improve departmental efficiencies byconsolidating the administrative, training and warehousingoperations."

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Rick Sabol, director of facilities and administration forDiebold, says that the Canton, OH-based firm wanted "to consolidateour warehouse operation in Cypress and our administrative functionsin Brea," and to do so, "We needed to find the right space thatwould accommodate both office and industrial use" and make it easyfor the company's nearly 80 employees to move into the newfacilities. One reason for the consolidation, according to Sabol,was that "Because of the fast-paced technology environment in whichwe operate, it was necessary for us to upgrade our operations inorder to remain competitive." In the company's new location, heexplains, work station configurations are more open, with fewerprivate offices, which enhances collaboration. A new trainingcenter will be built at the building, and improved loadingfunctions will be created for warehousing operations, he adds.

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Diebold holds the leading market position in supplying ATMmachines in many countries around the world. The company alsoprovides security solutions to financial, retail and commercialcustomers.

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In addition to Racanelli, Diebold was represented by UGL Equissenior vice presidents Brad Armstrong and Rory Murray, both fromthe firm's Research Triangle Park office in Durham, NC. Thebuilding owner was represented by Brian DeRevere of CB RichardEllis. Terms of the deal were not disclosed; recent market reportspeg the average asking office rates in Orange County at about $2.77per sf per month, industrial rates at about 75 cents on atriple-net basis and R&D rates in the range of $2triple-net.

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