Napa Valley Corporate Park is a master-planned business center set at the junction of Highway 29 and Highway 221. With this lease, Bedford says the first two phases of Carneros Commons are 93% leased while its entire Napa portfolio is 98.7% leased.
The insurance company will relocate from its current location in Napa. Rod Diehl, vice president and regional manager for Bedford Property Investors says the lease "reinforces the fact that Napa's relative stability during this time of economic uncertainty is appealing."
Glen Dowling and Matt Bracco of Cushman & Wakefield negotiated the lease for Bedford; Glen Dowling of Cushman & Wakefield represented TIG Specialty. The lease will commence in late August.
Neither party would release the lease details. Cushman & Wakefield's most recent report shows that current monthly office rental rates in Napa County range from approximately $1.45 to $1.75 per sf, triple net.
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