The transaction is valued at nearly $2 million. The new space, which stands at 1 MacArthur Place, will be used by the company's Western Region office personnel. They will move from their current Main Street location.
A CB Richard Ellis brokerage team consisting of Rick Sherburne and Travis Boyd acted on behalf of StorageTek. Both men are based in the firm's Orange County office. The landlord, Imperial Promenade Associates, was represented in-house by Jeff Bitetti.
Third quarter 2001 brought a negative net absorption of 403,000 sf to the Orange County office market, according to research by Delta Associates Inc., an affiliate of Chicago-based property giant Transwestern Commercial Services. This figure illustrates a significant drop from second quarter 2001, when the market experienced a positive net absorption of 564,000 sf.
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