Brian Eisberg of Orion Partners Ltd., the company marketing the 42,410 sf Steelhead Center due to be delivered in Spring 2002, says that despite the other projects being closer to completion, there are a number of good tenant prospects for the building.
Larkspur-based Radius Development Group plans to begin construction on the Class A office building slated for a 2.36 acre parcel in southern Petaluma in early May. The building is fully entitled, according to Eisberg, with the last hurdle being approval of the final construction drawings by the city Community Development Department.
The site is bounded on one side by Adobe Creek that has steelhead swimming in it, according to Eisberg, so the project is named Steelhead Center. The second floor of the building will be slightly larger to maximize views and energy conservation according to Eisberg.
Rents is $2.25 triple net, per sf per month, which is about 10 cents less than Class A product in nearby Novato, about 10 miles to the south. Although the rates is on a par with other rents in Petaluma, the city is overall more expensive than areas further north in Sonoma County.
According to some area expert's rents in Petaluma have not taken the downswing that has been evident in other areas because there is still a deep employment base here and the strength of the telecommunications industry here.
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