Currently located five miles away on the north side of the city, Homecomings is now working with RNM Properties on tenant improvements and plans to relocate some 200 employees to the building in May. The lease rate on the transaction was not released by the parties involved. RNM Properties president Paul Elmore says the asking rate for space in the building is currently under review. Two years ago, the annualized full service asking rate was $27 per sf. Cal Nakanishi and Martin Melbardis of Collier's Inc., San Francisco represented Homecomings Financial in the deal.

Homecomings is relocating from a much more developed area of town. As part of the deal, Elmore says he has promised Homecomings he will continue to pursue the development of a three-building, 17,000-sf retail center at the entrance to the business park. "We are into the city to get final approval," says Elmore. "There will be one separate pad for a sit-down restaurant and the rest will be shop space."

RNM acquired the 40-acre property several years ago as an entitled planned unit development. Located a few minutes away from Highway 101 on Highway 116, the property now has 400,000 sf of buildings on it and there is room for another 800,000 sf in eight more office buildings on four separate lots. In order to adhere to an agreed upon development schedule, Elmore says pads have been poured for two more buildings, but that tenant demand will determine when new buildings will rise.