(RealShare Orange County convenes at the Hyatt Regency, Irvine, August 16.)
ORANGE, CA-With CashCall Inc.’s recent new lease deal with Hudson Pacific Properties Inc. at City Plaza here, the owner has been able to backfill space from an expiring lease with Kondaur Capital Corp., the building’s largest current tenant. The new lease is for 125,208 square feet on seven floors of the 19-story building, with a staged occupancy beginning in September.
City Plaza is a class-A office building that contains 333,922 net rentable square feet, situated on a 11.5-acre lot with 1,138 surface parking spaces. The property is located at One City Blvd. West near the intersection of two major freeways, Interstate 5 and Highway 22, at the geographic center of Orange County.
This location, which is also adjacent to the Block, a 715,000-square-foot regional mall, is attractive to many diverse, high-quality tenants from across the county, since the mall provides an array of amenities, including restaurants, retail establishments and movie theaters.
“We are pleased to announce the signing of this new lease with CashCall Inc. at our City Plaza property,” said Victor J. Coleman, chairman and CEO of Hudson Pacific. “The completion of CashCall’s lease restores the building to a stabilized leased percentage of approximately 92%. We look forward to a long and mutually beneficial relationship with this high-quality tenant.”
As GlobeSt.com previously tweeted about and reported, in May Hudson Pacific entered into purchase agreements to acquire 901 Market St. in San Francisco and the Olympic Bundy Media Campus in West Los Angeles. The company agreed to purchase the 901 Market St. property for $90 million and the Olympic Bundy Media Campus for $89 million in a separate transaction. Although Hudson Pacific Properties did not respond to GlobeSt.com queries by deadline as to the identity of the seller, GlobeSt.com has learned that the seller of the West L.A. property was Merlone Geier Partners, and according to public records, 901 Market St. was owned by CommonFund, an institutional investment firm based in Wilton, CT.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
