Neither Crown nor Grubb & Ellis disclosed terms of the lease, but a public filing by publicly held Iteris said that the company signed an 88-month lease that will begin no later that Sept. 17 at a monthly rent of $101,626 during the first year of the lease. The rent will increase each year thereafter, up to a maximum of $119,867 monthly during the last year of the lease, according to the Iteris filing.
With the signing of Iteris, the 78,964-sf building that it will occupy is now 100% leased, according to Robert Caudill of Grubb & Ellis, who is marketing the project for Crown along with Matt Didier and Travis Beardslee of Grubb & Ellis. The project is composed of two two-story office buildings totaling approximately 130,000 sf. The other building in the Freeway Corporate Park project measures 52,800 sf and is at 2501 Pullman Ave.
Abbas Mohaddes, CEO of Iteris, says that the new headquarters space will provide the company with good access to freeways and more efficient space that will reduce its facility costs. "Also, its close proximity to our current location provides easy access for our customers and associates," Mohaddes says.
Iteris was represented in the transaction by Rick Sherburne, Alex Hayden and Travis Boyd of Cushman & Wakefield. Iteris and its brokers "toured and negotiated with several other building owners" before selecting the 1700 E. Carnegie building, Sherburne says.
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