Chevron will sign a 10-year lease, the terms of which are not being disclosed. The two buildings together are valued at $26 million, according to The Allen Group.
The larger of the two-story buildings is Three University Centre. The 100,000-sf is scheduled for completion on September 1, 2002. The smaller, Four University Centre, will be 45,000 sf and should be completed by April of 2003. ChevronTexaco will be the sole tenant in both. The properties are being managed by a third party, Premiere Management.
Allen Group's University Centre 35-acre office park is located near major arterials in the upscale Marketplace section of Bakersfield. The two new buildings will join One University Centre, a 60,000 sf building completed in 2001, which houses tenants such as Salomon Smith Barney, Commonwealth Title and Countrywide Home Loans. Two University Centre is currently under construction and will be a 53,000 sf building, with First American Title as an anchor tenant.With the addition of the two ChevronTexaco buildings the office park will be 50% complete.
Over the past three years, The Allen Group has built 375,000 sf of office space in the Bakersfield area. To the city's downtown, it added 2000 K St., a five-story, 68,000-sf building that was 100% pre-leased at groundbreaking.
The Allen Group has built more than 4.5 million sf of industrial and commercial properties for credit tenants throughout the West, including 700-acre International Trade and Transportation Center now under construction in Shafter, Calif.Bakersfield, the seat of Kern County, is accessible via Highway 99. It has a population of about 240,000, with another 150,000 in the metro area, and is in the top ten of California's fastest growing communities.
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