According to Phil Taylor, senior vice president of building owner Sobrato Development Cos., the county has leased two buildings for 20 years. Each building is a 144,209-sf, five-story structure.
Taylor tells GlobeSt.com that the lease was signed at a rate of $2.45, triple net, with 8% increases every three years. The buildings are part of River Corporate Center, a $170 million, 460,000-sf office complex.
Sobrato has built two of the three planned buildings in River Corporate Center, and the county has options on the third building, when it is completed. The buildings were originally constructed for Metricom, a provider of mobile data net-working and technology that has been bankrupt since July.
Craig McGahey, vice president at property broker Staubach Co., represented the county in this transaction.
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