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Office Sector Picks Up With Nearly 70,000 SF in Leases

SAN DIEGO-A long sluggish office market begins making strides with multiple deals recently closing in the area. Among the new deals--Mitek Systems Inc. signs on for seven years at 8911 Balboa Ave.

By Daniel D. Williams | Updated on October 09, 2005

SAN DIEGO-Signs of an office recovery are coming together in the metro area as evidenced by a recent flurry of lease deals. While none of the deals were of the major corporate variety, the activity has insiders becoming more bullish of the market’s potential.Two of the deals involve property owned by Los Angeles-based REIT Arden Realty Inc. In one deal, Sky Mobilemedia Inc. signed on for 18,810 sf at 11975 El Camino Real. The provider of mobile applications software for the wireless industry signed a five-year deal for $3.3 million. Tim Rikkers and Robyn Oday of Burnham Real Estate Services represented Sky Mobilemedia. Eric Northbrook and Mike Hoek of Cushman and Wakefield represented Arden.In the second Arden property, Mitek Systems Inc. signed on for 15,297 sf at 8911 Balboa Ave. The seven-year deal counts $2.3 million. Ron Miller of Burnham represented Mitek, while Chris Pascale and Rob Merkin of CB Richard Ellis represented Arden.Mitek is in the check fraud detection industry. Once tenant improvements have been made, the firm plans to move later this fall from an office in Poway.In a third deal, Z Microsystems Inc. agreed to a 75-month lease at Fenton Technology Park, Phase II. The deal counts $3.6 million for 36,885 sf.Z Microsystems is a supplier of computing solutions for military and government users. The company plans to relocate its corporate headquarters to Fenton Technology Park in the second quarter of 2006.Burnham’s Barry Mahlberg and Kevin Farrell represented Z Microsystems. Randy La Chance and Todd Holley of Voit Commercial represented H.G. Fenton Co.

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