21st Century Stays Put in 23,000 SF

Paul Stockwell of Studley tells GlobeSt.com that the transaction was one of the largest office leases to be signed in the Inland Empire in the past year. Stockwell and Will Adams, both in Studley's Downtown Los Angeles office, handled talks for 21st Century while building owner, Equity Office Properties, was represented by Catherine Lindbeck of Insignia/ESG.

Stockwell says the offices accommodate the insurer's operations throughout the Inland Empire, which include claims services, sales and policy renewals. The tenant's office space at Lakeshore Center occupies all but about 3,000 sf of a 26,000-sf building, now fully leased. The insurance company, one of the country's largest auto insurers, has occupied the two-story, 10-year-old building for the past decade.

Stockwell notes that the Inland Empire's overall growth has made the Ontario office market one of Southern California's strongest, with less than a 10% vacancy rate. The insurance company studied several relocation alternatives, including the possibility of a new build-to-suit, before choosing to renew. The renewal includes sign rights and flexible terms for expansion and contraction, Stockwell says.