Brian McKenzie of Richards Barry Joyce & Partners represented property owner, KBS Realty Advisors--a Newport Beach, CA-based investment management firm--in the transaction while John Wilson also of Richards Barry Joyce & Partners represented Ciena.
Lease rates for this deal were not available but the average asking rent for office space in the area is about $20 per sf. The area continues to struggle to fill its space with availability rates at about 31% according to the most recent statistics by Spaulding & Slye Colliers. Excess sublease space is still driving much of those figures as vacancy rates for the area--which factors in only available direct space--is at 19%.
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