According to the terms of the three-year agreement, the tenant will take 6,663 sf in an office complex here. The 139,155-sf property, which consists of three buildings, is located at 15661 Red Hill Ave.
Wells Fargo was represented by Tom Taylor and Chon Kantikovit of Grubb & Ellis' Newport Beach office. Phil Cohen and Simon Dillon of CB Richard Ellis' Newport Beach office acted on behalf of the landlord, J S Northpointe LP.
Recent research on the region points to increasing vacancy rates in the county's office market in the months ahead. The vacancy level is expected to increase above the current level of 14.4% in the near term, according to a report by Delta Associates. Occupancy is not predicted to pick up until the national economy begins to strengthen, which is expected to occur in the latter half of 2002.
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