Costa Mesa-based Emulex signed a five-year lease for 44,000 sf of a 48,000-sf building that it is being built out primarily for office use but will include some lab/data center space. The value of the lease is approximately $5.6 million, which averages out to a per-sf price of $25.45 per annum. Occupancy is scheduled for October.
Roseville Center is planned as a 560,000-sf business center built out as four "mini campuses," including office condominiums for sale and office space for lease. Since ground broke for the $120-million office project in 2003, Shea Properties has developed four buildings on the 36.5-acre property and Kaiser Permanente has developed another. Old Republic Title occupies one building, Emulex will occupy another, and the University of Phoenix and Shea Homes share a third building.
In Shea Properties' fourth building, a two-story, 32,000-sf building, office condominiums are currently for sale. Approximately one-third of the suites have been sold. Buyers include medical users, a legal firm, a real estate appraisal service, and a software developer.
Construction will begin this month on a sixth, 48,000-sf building. The remainder of the Shea Center campus will be developed on speculation, with completion anticipated by 2012. The exclusive leasing team for Shea Properties is headed by Kevin Shehan of CB Richard Ellis in Roseville.
Shea Properties owns and operates approximately 3.2 million sf of commercial real estate in California and Colorado. Another 10 million sf of projects are in the development pipeline in Southern California, Northern California and Colorado.
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