History
The site of the future Kamber Technology Center had been available since 1998. Initially the target prospect was an office/flex user that was a telecom or data center component to the requirement. However, due to the challenges associated with that industry during that time and the cost associated with getting the building constructed, it was a challenging undertaking.
Assignment
Pacific Real Estate Partners was rewarded the assignment, and was tasked to lease the 3 story , 48,522 square foot class “A” office building to a full building user or a multi-tenant situation, prior to the start of construction.
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Challenges
Since the building was not built, it make it very difficult to sell to tenants that needed to take occupancy by mid 2007. In addition, the challenging site made for expensive construction and development costs.
Results
By August, Pacific Real Estate Partners had a signed lease with Bright Horizons, a fortune 500 company, at some of the highest rental rates at that tome for a 15 year period. The building is to be built and delivered by March 2007.
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