"They evaluated the market and decided it was best to remain at Center Plaza," Chris Cuddy FVP at CB Richard Ellis Whittier Partners tells GlobeSt.com. Cuddy, Dave Fitzgerald, EVP and partner, and Peter Conlin, associate at CB Richard Ellis, represented Time Warner, while Lauria Brennan, director of leasing for Equity Office, represented the owner.
"Equity Office was able to offer us a very competitive economic package, allowing us to remain at Center Plaza while satisfying our long-term real estate needs," says Rick Hall, president of distribution and operations for Time Warner, in a statement.
Center Plaza is comprised of three nine-story buildings totaling more than 650,000 sf of class A office space, as well as first-floor retail including a CVS pharmacy. With the lease, the occupancy rate at Center Plaza remains at 95%.
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