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SAN DIEGO, CA-San Diego County's flex/R&D market continues to outperform the region's office sector, according to first quarter research recently released by Insignia/ESG. In the first three months of this year, the flex/R&D market experienced 198,893 sf of positive net absorption while the office sector reported just 143,281 sf of positive net absorption.
KEARNY MESA, CA-The facility, which is rising on Othello Avenue in Kearny Mesa, will encompass two stories and 7,000 sf at build-out. Completion is slated for December 2003.
OAK BROOK, IL-Des Moines-based Principal Life Insurance Co. has acquired the two-building, 294,000-sf office complex on 15 acres just east of Oakbrook Center for $188 per sf. McDonald's Corp. leases all 79,820 sf of one of the buildings.
TEMPE, AZ-Laminate Technologies, a 10-year tenant, signs a three-year lease with a $409,000 payout for office space at 1130 W. Geneva Dr. With the infrastructure in place, the staying power is tied to a down-the-road resurgence in the semiconductor industry.
PORTLAND-Wright Runstad lets Copper Mountain Trust buy out of its lease more than three years early and uses the proceeds to work a long-term lease deal with the law firm, which will relocate and expand from the smaller 15th floor of One Main Place at the end of October.
LOS ANGELES-A buyer from Northern California plans a major renovation at the property, which is well maintained but holds potential for a value-added play to push rent above the current $1,450 per month average.
MIAMI-The tenant, MCI/Worldcom, is in Chapter 11 protection under the U.S. Bankruptcy Code. In a unique deal, the company expanded its lease by 10,000 sf and two years in a $300,000 transaction.
WASHINGTON, DC-A direct subway connection to the new Washington DC Convention Center is now in place for rail passengers, courtesy of a $14 million expansion project at the Mount Vernon Square Metrorail station. Passengers will be able to enter the convention center from the station without going above ground.
ROCKVILLE, MD-Federal Realty Investment Trust promptly picks up the pieces at its three vacated Kmart stores in New York, Pennsylvania, and Virginia. Kohl's will move into the 150,000-sf NY space, taking over Kmart's $1.2 million leasing contract with Federal Realty.