The company has inked a five-year lease for 10,124 sf here with plans to vacate the rest of the 90,000-sf property later this year. The transaction is valued at $933,000.
Mike Macie of The Staubach Co. acted on behalf of Cadence Design Systems, which is the world's largest provider of electronic design automation products and services. The lessor, The Shidler Group, was represented in-house by Brigham Black.
The Shidler Group and joint venture partner The Praedium Group LLC acquired Carmel Corporate Plaza for $11 million in the fall of last year. Located at 15015 Avenue of Science in the Carmel Mountain area of San Diego, the property was constructed and sold in 1998 for $14 million. Previous owner Hibiscus LLC made the decision to sell the building for only $11 million because of Cadence Design Systems' announcement that it would relocate its regional headquarters out of the property in June of 2003.
With Cadence Design Systems' new lease and a recent agreement inked by St. Bernard Software, the office project will be more than 70% occupied after the move out occurs. St. Bernard Software, which specializes in security solutions that protect against data loss, system threats and Internet abuse, recently signed a five-year, $5.4-million contract for 54,579 sf in the facility.
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