Westinghouse's VP of operations Frank Heinze says the lease agreement lowered its first-year occupancy costs by 41%. Peter Castleton of Voit Real Estate Services, which brokered the deal, tells GlobeSt.com that the savings were achieved through a combination of a lower rental rate, lower operating expenses and free rent. The lease commenced this week; the relocation is underway.
"We were able to structure a deal that allowed [Westinghouse] to get out of its lease 12 months early without any moving expenses," he says. "[which] gave them the opportunity to find new space while it is still a tenant's market."
Westinghouse's new building is part of Chino South Business Park, an approximately 1.6 million square-foot Class A distribution center. The street address of the building is 6718 Bickmore Ave. The lessor is Manulife Financial, which was represented by Jim Koenig of CB Richard Ellis. The building in Santa Fe being vacated by the company is located at 1411 Valley View.
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