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PALMDALE, CA-Realm Real Estate of Newport Beach has started development of the first new class A office project in this city in 10 years. The 240,000-sf based development is called the Palmdale Corporate Center and is under way at 39115 Trade Center Dr. in West Palmdale.

Palmdale Corporate Center will consist of four two-story buildings of approximately 60,000 sf each. The development site is in the Trade & Commerce Center, a master-planned office park directly off Highway 14 and Palmdale Boulevard.

Realm plans to build the project in four phases, with the first building scheduled to be completed in the summer of 2008, according to Scott Grady, a principal with the Newport Beach-based company. Grady says that the demand for office space to house professional service and medical firms in the area has arisen from the residential and retail growth there in recent years.

The area was once sparsely populated but has now grown to a community of more than 350,000 in the trade area. The developers see a need for space for financial, real estate, legal, accounting and medical professionals.

Grady adds that Real chose to develop Palmdale Corporate Center in Palmdale because, “we believe that business owners in the Antelope Valley and greater Los Angeles will choose to relocate their firms closer to a large labor pool.” He notes that the project offers California Enterprise and Foreign Trade Zone benefits, with nearby amenities including restaurants, hotels and the new Universal Health Services Hospital.

In addition to the 250-bed hospital, the Palmdale Corporate Center site is near the Antelope Valley Mall, Staples, Kinko’s, Starbucks, Barnes and Noble, Holiday Inn, Hampton Inn, Trader Joe’s and a list of restaurants. Leasing brokers for the new Realm development are Lenny Dance and Chuck Hoey of CB Richard Ellis.

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