The exact rate and term of the lease agreement were not immediately available. The asking rate for the space, built out almost entirely as office, was $1.15 per sf per month. At that rate, a five-year deal would be worth about $1.7 million.
EID, which was represented by CB Richard Ellis, is a new company created by Steve Larson, founder of Decision Point Systems, which is now Unicru Inc. and also located in Nimbus Oaks). In 2000, the company was recognized by Inc. magazine as one of America's fastest growing private companies.
The company's product is a smart card that, when scanned, provides verification information on its holder such as a photo and a fingerprint. Users will include major retailers and government agencies that want to keep track of vendors coming and going from their properties.
The space the company is leasing was previously leased by a publishing company and had not been leased for four months, says Pat Schreck, the Melvin Mark Cos. broker who handles leasing for the development. As the company is a start-up, few tenant improvement dollars were included in the deal and a letter of credit was required.
At 100% occupied Nimbus Oaks is doing much better than average flex occupancies in the region, which is in the 85% to 87% range, says Schreck. "We just have better curb appeal," says Schreck, explaining that the buildings are built with tilt-up backsides and brick fronts, giving them more character than typical flex construction.
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