Willis tells GlobeSt.com that Cresa and Paychex did look at other possible locations in the market, but the company elected to remain in the 200 E. Sandpointe building for a number of reasons, including the ample room that was available for expansion. In addition, Willis comments, "There was such a significant capital investment by Paychex in the building that we focused on it early."
The Paychex space is in an eight-story, 145,761-sf office building that is 88% occupied. The landlord, Sandpointe Investors LLP, was represented by Cushman & Wakefield.
Cresa Partners helped Paychex find a new Orange County location 21 years ago, Willis notes, and the payroll firm has grown considerably since then. Paychex is a provider of payroll, human resources and benefits outsourcing solutions for small-to-medium-sized businesses across the US.
Terms of the Paychex lease were not disclosed, but asking rates for space in the building are about $2.30 per sf, full service gross, which compares with average asking rates that are pushing $2.50 in Orange County. The company's previous lease was due to expire on Sept. 30.
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