ANAHEIM, CA—St. Joseph Heritage Healthcare has signed a 191,556-square-foot, long-term lease with the PRES Cos. at 200 Center St., an eight-story, class-A office building here. The deal represents the largest office lease signed in Orange County so far this year.
St. Joseph will occupy the building for its administration services with move-in planned for Summer 2015. PRES has owned the building for approximately 10 months and has repositioned it with improvements to the lobby and common areas. Jones Lang LaSalle's SVPs George Thomson and James Estrada represented the owner in the lease.
According to David Bonaparte, managing principal with PRES, “We were able to reposition this property and work with St. Joseph Heritage Healthcare to create a more-efficient workspace for their consolidation. We continue to pursue selectively value-add opportunities in key California markets and plan to acquire several more projects in the coming months.” He adds that the office market in North and Central Orange County continues to show signs of improvement, with decreasing vacancy and no new construction on the horizon.
The property at 200 Center St. has a parking ratio in excess of 5/1,000. The building is situated in revitalized Downtown Anaheim and is within walking distance of several entertainment and retail venues including Center St. Promenade, the Packing House, Farmer's Market and Anaheim Ice.
Estrada tells GlobeSt.com PRES plans to modify the ground floor to provide health services, a deli and a fitness center for the new tenant. GlobeSt.com's request for information about the length and other terms of the lease and where else the tenant had looked to rent prior to signing were not answered before deadline.
Medical tenants continue to seek new opportunities for real estate space in Orange County. As GlobeSt.com reported last month, health systems are looking to create an identifiable image just like retailers are, another reason why medical users in or near retail centers work so well, NGKF Global Healthcare Services' executive managing director Garth Hogan told GlobeSt.com. Retailers and retail landlords are well aware of the importance of brand image, making the retail sector an ideal location for medical-office space, which is becoming more populated by larger health systems looking to identify with patients.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
