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MISSION VALLEY, CA-Interactive Worldwide has signed a $7-million lease renewal for 16,344 sf of class A office space in an 11-year, five-month deal at 3111 Camino Del Rio North. The transaction represents one of the biggest deals in the Mission Valley submarket this year.

Teachers Insurance & Annuity Association of America owns the 13-story, 202,000-sf office property, which was built in 1982. The firm was represented in-house in the deal, in which Mike Labelle from Cushman & Wakefield Alliance CREA represented Interactive Worldwide.

LaBelle tells Globest.com that he sees “office rents increasing at a steady pace” in the area, where the first spec project in the University Town Center submarket since 2002 is under way. The project, called Bridge Pointe Corporate Centre, is a $36-million development by Equity Office Properties that will consist of two buildings, one of two stories and one of three stories.

Trammell Crow Co. is the development manager for the new buildings, with Smith Consulting Architects as the project architect and DPR Construction Inc. as the general contractor. Equity Office also owns the Centerside II office building, a 16-story tower near the Centerside I building that Interactive occupies. The tenant roster at the property includes United HealthCare Services with about 65,000 sf, Allstate Insurance with 10,300 sf, Credit Union Leasing of America with 8,400 sf and Ford Motor Credit Co. with 7,319 sf.

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