RANCHO CUCAMONGA, CA-New tenant Co-Op Financial Services has signed a $14 million lease for 75,000 sf of office space at the Hileman Co.'s $60 million HavenPark mixed-use development, where Hileman also has sold a parcel for the development of a new Starwood hotel. With the signing of the eight-year lease by Co-Op Financial, which is one of the nation's largest credit union-owned electronic funds transfer networks, Hileman's development is 75% leased.

Jack Hileman, founding partner and president of the Hileman Co., says that the company expects the remainder of the office space to be taken by build-out of the project in May 2007. The office component of the project consists of two three-story, 75,000-sf buildings now under construction.

For the hotel portion of the project, the Hileman Co. has entered into a purchase agreement with a John Buck Co./Interstate Hotels & Resorts joint venture for the sale of a two-acre parcel within the 12-acre project for the development of a new concept, 136-room hotel under the Aloft brand. Aloft is the newest brand under the flag of the Starwood Hotels & Resorts Worldwide Inc.'s W Hotels division.

Besides the hotel and its 150,000 sf of class A office space in twin buildings, Hileman's development will feature 22,000 sf of casual dining and office support retail space and a freestanding full-service restaurant. His company closed on the acquisition of the property in January and immediately started construction on a spec basis.

"With 22% of all new jobs in California being created in the Inland Empire, there is a huge demand for new office space to house these employees," Hileman says. Co-Op, which will be relocating its headquarters to the HavenPark development, joins Pacific Western National Bank, the University of Redlands and American Home Mortgage Corp. as tenants.

HavenPark's twin office buildings were designed by Ron Frink of Ronald Frink Architects. In the office lease, Co-Op was represented by David Willis and Kevin Hayes Jr. of Cresa, while the landlord was represented by Taylor Ing and Michael Day of CB Richard Ellis.

Jordan Richman of Grubb & Ellis is representing the buyer in the land sale for the hotel, which will be the first Aloft in California and one of the first in the US. Construction of the hotel is expected to begin in the first quarter of 2007 and be completed in time for opening in the first quarter of 2008.