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GOLETA, CA-Sares-Regis Group has secured DuPont Displays as a new tenant it its 325,000-sf Cabrillo Business Park. Dupont, which manufactures global flat-panel displays, is slated to occupy 148,000 sf here, according to the terms of the 11-year lease. The transaction is valued at approximately $25 million, Sares-Regis regional president Russ Goodman tells GlobeSt.com.

The new tenant will take the majority of the space soon to be vacated by Litton Industries, which is now owned by Northrop Grumman Corp. The aerospace giant is closing its Goleta operations by November and relocating the staff to its Woodland Hills site. Only 20,000 sf will remain vacant in the complex when Northrop leaves, as DuPont is scheduled to occupy the entire 120,000-sf manufacturing building at 6775 Hollister Ave. and part of the administrative building at 6769 Hollister Ave. Once Northrop vacates and DuPont moves in, the currently 100% occupied business park will be 94% leased, Goodman says. He tells GlobeSt.com that Sares-Regis and DuPont will spend in “the magnitude of $18 million” on renovating the two buildings, which will entail interior improvements and technological upgrades.

The DuPont lease was brokered by Mark Mattingly of Pacifica Commercial Realty and John Peckham of Grubb and Ellis Co., along with Ed DeLacy, Paul Gamberdella and Dan Reeder of CB Richard Ellis Inc.

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