BREA, CA-The Koll Co. has signed the IMS Co., which was recently acquired by Zodiac Aerospace of France, to what is being hailed as the largest office-lease deal in Orange County so far this quarter. IMS has taken 81,077 square feet of space at 2929 Imperial here, bringing the two-story, 121,153-square-foot office park to full occupancy; the long-term lease is valued in excess of $11 million.

A partnership of Koll and Rialto Capital purchased the business park in July 2012 for $10.8 million, at which time the property was 50% leased. During escrow, the partnership leased approximately 10% of the park to Endress + Hauser, a supplier of industrial measurement and automation equipment, joining Underwriters Laboratories.

EverTrust Bank provided a bridge loan for the acquisition and repositioning, which included lobby, landscaping, signage and other building upgrades. Initial capital improvements were completed in January.

At the time of purchase, when the property was known as Saturn Business Park, the IMS Co., a “passenger-centric” entertainment and communications solutions provider to the travel industry and a systems and software solutions provider to the air-transport and aerospace markets, occupied 30,000 square feet. The tenant expanded by an additional 4,000 square feet on a short-term basis; then, following its acquisition by Zodiac, signed a seven-year lease for the full 81,077 square feet. The lease is expected to commence in November.

John Harty and Mike Coppin of Voit Real Estate Services represented the landlord. Steve Pisarik and Bruce Schuman of Studley represented the tenant in the transaction.

“The long-term commitment by the IMS Co. to 2929 Imperial underscores the value of the repositioning and renovation of this well-located office complex,” said Scott Meserve, EVP of Koll, in a prepared statement. “The fact that 2929 Imperial is now fully occupied is a testament to the quality of the business park, the strong market fundamentals and the access of the Brea market to Orange, Riverside and Los Angeles counties' employment base.”

Check back with GlobeSt.com later in the week for an update to this story in which Meserve tells GlobeSt.com that class-B office vacancies should drop into the single digits soon.