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Globest UPDATE: Medical Device Manufacturer Signs Lease

VISTA, CA-dj Orthopedics agrees to a 15-year build-to-suit lease with the PRES Cos. The company will take 110,000 sf in a new corporate headquarters.

By Daniel D. Williams | Updated on February 28, 2005

VISTA, CA-Last month a joint venture between El Segundo-based Pacific Coast Capital Partners and Newport Beach-based the PRES Cos. paid $29.3 million for Oak Ridge Corporate Center, a 266,150-sf corporate campus 100% occupied by dj Orthopedics. Now, dj Orthopedics has signed a 15-year, build-to-suit lease on a 110,000-sf corporate headquarters to be built by PRES at the intersection of Business Park Drive and Scott Street here.The principles have agreed to a triple net lease for roughly $30.5 million that includes two five-year options to extend. Rob Gunness and Bill Bacon of CB Richard Ellis represented dj Orthopedics in this the deal. The new headquarters will be built on 6.6 acres of land by PRES Cos. The project will consist of a two-story office building, housing both corporate and administrative space for the medical device manufacturer. The project is set for completion the second quarter of 2006. Ware Malcomb Architects is designing the project with Swinerton Builders handling the construction side.The existing space will be available for lease upon completion of the new facility. “We will benefit from dj Orthopedics’ strong tenancy during a 15-month marketing period for future tenants, before dj Orthopedics relocates,” says Greg Galusha, managing director, Pacific Coast Capital Partners LLC. CB Richard Ellis will manage the leasing for the existing buildings at the Vista industrial complex. During the interim, dj Orthopedics is relocating its manufacturing operations to a new facility in Mexico. The company will consolidate its domestic operations into the new space once it’s complete. Stephen R. Lloyd, PRES’ senior vice president, San Diego, says, “The dj Orthopedics build-to-suit acquisition and development represents PRES’ strong continuing commitment to the San Diego market and will significantly add to our growing San Diego County real estate portfolio.”

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