According to the terms of the 10-year lease, the tenant will occupy Plaza 3 at 4510 Executive Dr., which is located near University Towne Center, according to the terms of the 10-year lease. It will join current tenants such as Pacific Republic Mortgage Corp., which signed a four-year, $1-million lease for 5,221 sf here in the summer of 2002.
Styrt was represented by Ron Miller of Burnham Real Estate Services ONCOR International in the recent transaction. Eric Vann, Jim Laing and Mark Wayne acted on behalf of Crescent Chancellor Park LLC.
The Chancellor Park lease comes as North San Diego County's office market is continuing its recovery, with news of a solid fourth quarter recently reported by BRE Commercial/NAI. According to the BRE Commercial research, North County's office sector has experienced four consecutive quarters of positive net absorption. It wound down 2002 with 77,768 sf absorbed in the fourth quarter and 556,973 sf absorbed for the entire year.
Meanwhile, office vacancy rates here are steadily decreasing. Vacancy is hovering at around 15% and not expected to be affected by the 500,000 sf of new office product currently under construction, as most of that space has already been pre-leased.
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