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NEWPORT BEACH, CA-Turner Development Corp., based here, has signed SchoolsFirst Federal Credit Union to 22,000 sf of office space at Turner’s one-million-sf Riverwalk mixed-use development in Riverside, CA. The property, which will serve as credit union’s new telephone service center and regional office, is in the Towers at Riverwalk, part of the 400,000 sf of office space at Riverwalk. The project also includes 375,000 sf of R&D and industrial space, 100,000 sf of medical office space and 125,000 sf of retail including 11 restaurants and a 131-room executive style hotel.

SchoolsFirst Federal Credit Union will occupy the entire first floor of the building located at 4204 Riverwalk Parkway, which will serve as a its regional office, call center and full-service retail branch. The offices and telephone service center are set to open in November; the full-service branch is scheduled for a March 2009 opening.

SchoolsFirst FCU is the nation’s largest educational credit union, with more than 391,000 members, approximately $8 billion in assets, and 27 locations in Southern California. Originally based in Orange County, the credit union now operates in 10 counties throughout Southern California.

Erin Mendez, senior vice president of finance and information services for SchoolsFirst, says that the credit union chose the Riverwalk location after evaluating a number of properties in the Inland Empire. Mendez says that SchoolsFirst chose the Riverwalk campus for its amenities as well as its convenient access off the 91 Freeway for a large and growing member base in the area.

The Towers at Riverwalk consists of two, four-story class A office buildings totaling 200,000 square feet. Construction on the buildings was completed in August. The credit union was represented by Rick Sherburne and Bob Taylor of Cushman & Wakefield, with Turner Development represented by Tom Pierik, Dave Mudge and Rich Erickson of Lee & Associates. Terms of the deal were not disclosed.

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