In the Cypress transaction, Korean mobile handset manufacturerPantech signed a six?year sublease with New York?based L?3Communications to occupy an entire 85,773-sf building at 11240Warland Drive in a transaction valued at $3.3 million, according toCushman & Wakefield. The high image tilt?up industrial buildingconstructed in 1998 will serve as the headquarters and distributioncenter for Pantech's newly formed North American operations. Thecompany was founded in 1991 as a manufacturer and exporter ofwireless pagers and today is one of Korea's largest cell phonemanufacturers. The building is near the intersection of Valley Viewand Katella near the Los Alamitos Race Track. It was vacated by L?3in April of 2004 when the company relocated its Cypress productmanufacturing facility to St. Petersberg, FL, according to Cushman& Wakefield's Robin Dodson, who along with John Minervini andErik Larson represented the sublandlord.

The building is owned by Warland Investments, a family?ownedinvestment builder with holdings in Orange and Los Angelescounties. John Shumacher and Barry Hill of CB Richard Ellisrepresented the tenant.