(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
FRESNO, CA-The Internal Revenue Service has signed a 10-year, 531,976-square-foot lease renewal at 5045 East Butler Ave. here. Jones Lang LaSalle’s Marcy Owens Test, an SVP in the government investor services group—who represented building owner Government Properties Income Trust in the renewal along with VP William Hill—tells GlobeSt.com that the IRS has occupied the building for approximately 30 years.
“The owners, Government Properties Income Trust, have a long-standing relationship with the IRS and are pleased it will continue into the future,” explains Owens Test. “This lease is meaningful for the City of Fresno as the government is committing to another 10 years and we appreciate their efforts in completing this lease renewal prior to its expiration.”
Although Owens Test could not disclose further lease terms at this time, she did say that the IRS has always occupied the same amount of space. Centrally located among East Kings Canyon Road, South Peach Avenue, South Chestnut Avenue and East Butler Avenue, this secure property is in close proximity to several amenities, including Eastgate and Kings Canyon Pavilions Shopping Centers, Sunnyside Neighborhood Park and a variety of restaurants.
According to a Q4 2011 report from Grubb & Ellis, the Fresno office market vacancy rate remained relatively unchanged at 15,9% through the end of the year. At the same time, average rents dropped by approximately $.01 per square foot per month overall during the quarter, says the report. “While these figures seem to be of little consequence, there was some interesting activity in various submarkets around town,” says the report, pointing to the Palm Bluffs and Northeast areas as the “darlings” of the market.
The report continues that as 2012 begins, there appears to be some momentum in the office market and although it isn’t “out of the woods by any stretch of the imagination, 2012 is poised to statistically outperform 2011.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
