McClellan Business Park, a joint venture between Morgan Stanley Real Estate, Industrial Realty Group and Stanford Ranch, has just leased 800,000 sf of space to three major tenants, adding to 2.5 million sf leased to 67 tenants over the past 18 months.
Electromagnetic Systems Laboratory, a division of TRW, has relocated from Sunnyvale to McClellan Park, signing an 11 ½-year lease for 160,000 SF of space.
Flight Options, an executive jet operation, secured a 40,000 SF lease for 20 years. It will use the hangar and office space to serve as its West Cast Regional Maintenance Base.
AmeriCorps, a division of the National Civilian Community Corps, will relocate from San Diego to enter a 10-year, 72,000 SF lease at the business park.
Stuart Lichter, President of Industrial Realty Group handled the leasing agreements between the tenants and McClellan Business Park.
The lease rates are confidential but sources told GlobeSt.com that McClellan Park is offering office space from 40 cents to $1.25 per SF, triple net, monthly.
"We are one year ahead of our original leasing projections and currently have another 2 million SF of prospects," said Lichter. "The addition of these three tenants demonstrates the variety of facilities and amenities that McClellan Park has to offer."
The 3,000-acre campus has been redeveloped and constructed to include up to 16.5 million SF of leasable space. Its amenities include a daycare facility, health club, conference center and hotel.
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