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Networking Solutions Firm Inks 58,000-SF Deal

LA JOLLA, CA-Dot Hill System Corp. agrees to a lease at Faraday Corporate Center. The deal brings the 229,000-sf property to nearly 50% occupancy.

By Daniel D. Williams | Updated on October 06, 2005

LA JOLLA, CA-In what’s being called the second largest office lease in the area this year, Dot Hill Systems Corp. has agreed to a 58,000-sf lease at Faraday Corporate Center. The deal is an 88-month lease totaling $6.9 million.The tenant, Dot Hill Systems, designs and delivers storage networking solutions. The lease brings Faraday Corporate Center, a class A office building located within the Carlsbad Research Center, to 50% occupancy. Lannie Allee and Roger Carlson of CB Richard Ellis represented Equastone, the property’s owner. David Marino of Irving Hughes represented Dot Hill. Also, Kirt Gilliland of Irving Hughes will provide construction management services on behalf of Dot Hill.The deal is a sign that leasing activity is picking up in the area, according to Equastone’s COO Roger Simsiman. “Faraday Corporate Center is one of the few existing projects that can immediately deliver a large block of contiguous office space.” The building offers contiguous space ranging from 57,000 sf to 128,000 sf.Currently, the property is undergoing some rehabbing, including a remodel of the main lobby along with some exterior work. “We are confident that once the improvements are complete, the remaining space will be filled quickly,” says Simsiman. Equastone acquired the property on behalf of Equastone Value Fund I LLC for $30 million through a joint venture with the Commercial Finance Real Estate Group of GE Capital. Equastone then broke up the single 25-acre parcel into four pieces: the 229,753-sf single tenant office building on 13.9 acres; a 97,827-sf warehouse on 6.9 acres; and two vacant land parcels on 4.6 acres.The warehouse was later sold to Research Point Center for $7.17 million while the land was sold to Faraday Spectrum LLC for $3.65 million.

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