EdFund will vacate 175,000 sf in three buildings when it occupies its new space. EdFund president Sam Kipp says that staying in the company's current locations in Rancho Cordova--3300 Zinfandel Dr. and 10834 International Dr.--"would have required costly and extensive changes to meet our long-term space and technology requirements."
Studley senior managing director Eric Danielson, who represented EdFund in the transaction with colleague Andy Lechter, tells GlobeSt.com that due to inefficiencies with its current locations, EdFund also would have had to lease additional space in order to accommodate its current requirements.
Given the need for more efficient, more modern space, staying in Rancho Cordova but moving to a new facility provides for future flexibility and growth for EdFund while minimizing employee disruption and turnover, Danielson says.
Factoring in the need for additional space and other upgrades at its existing location, EdFund anticipates that over the term of the new lease it will save approximately $3.5 million. Danielson describes the lease as "long term," which usually means it is at least seven years.
Fulcrum Property president Mark Friedman says the EdFund buildings will be similar to the new Sacramento County Office of Education, which also is located in Mather Commerce Center. Fulcom's partner, McCuen Properties, was selected through a public competition to manage the development of Mather Field, a 5,800-acre decommissioned Air Force base, in a public/private partnership with Sacramento County.
As development manager, McCuen Properties markets, leases, and provides property and asset management for existing buildings; and has managed the development of new construction at Mather Commerce Center, the first phase of the conversion effort. In less than half the time originally projected to complete the sale of all property at Mather Commerce Center, 80% of the property has been sold to private developers.
EdFund provides student loan services under the Federal Family Education Loan Program. The company processes $7.8 billion in federal student loans annually and administers an outstanding loan portfolio worth more than $26 billion.
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