The tenant is Illinois-based Baxter Healthcare. It signed a 10-year lease for space inside the Conejo Spectrum Business Park, at 1445 Lawrence Dr.
The business park is in the heart of the 101 Technology Corridor. It was developed by LA-based Investment Development Services.
A Colliers Seeley International team of John DeGrinis, John Sabourin and Mark Spellman represented IDI in the lease negotiations with Baxter Healthcare. Mark Leonard, an independent broker based in Los Angeles, represented the tenant.
DeGrinis, SVP and manager of Colliers Seeley's San Fernando Valley and Ventura County operations, says the local vacancy factor for the type of building that Baxter has leased is already a miniscule 4%. And it could go even lower: "There's little new construction coming online now or in the foreseeable future," DeGrinis says.
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