NEWPORT BEACH, CA-Locally based brokerage firm the Saywitz Co. has closed three Orange County leases located in Tustin, Irvine and Huntington Beach. The combined value of the leases is more than $15.6 million.
Barry Saywitz, president of the Saywitz Co., represented Balboa Water Group in a lease extension and restructuring for its corporate headquarters located at 1382 Bell Ave. in Tustin. The 10-year, 120,000-square-foot lease is valued at more than $13 million. The facility houses the company's executive offices and corporate administrative functions as well as local manufacturing operations.
According to Saywitz, “This lease, which had two years remaining, was restructured to allow the ownership the ability to refinance the property and secure a long-term credit tenant. It also provided the tenant with some rent reduction and improvements to upgrade the facilities. This is a win-win scenario for both landlord and tenant.”
In addition, Saywitz assisted Century 21 Award in the signing of a new lease extension at 4000 Barranca Ave. in Irvine, also known as Centerstone Office Park, a mixed-use project at Barranca and Culver, which encompasses four office buildings and a retail component. The office there will be expanded, refurbished and renovated per the new eight-year, 6,236-square-foot lease agreement, which is valued at more than $1.6 million. John Desper of Newmark Grubb Knight Frank represented the owner, Glenborough Centerstone, in the transaction.
Lastly, Saywitz represented Tiempo Escrow in its relocation and operations consolidation to a new headquarters facility located at 2100 Main St. in Huntington Beach. The tenant has leased 5,325 square feet at the Huntington Seacliff Office Park project owned by the Colton Co., which represented itself in the deal. The seven-year transaction is valued at approximately $1 million.
As GlobeSt.com reported in September 2012, the Saywitz Co. closed two Southern California leases with a total value of more than $1 million. Organic By Nature Inc. extended its 24,000-square-foot-building lease at 1495 Seabright Ave. in Long Beach for five years, valued in excess of $1 million, and PL&H International restructured and extended its headquarters-facility lease for two years at 13430 Alondra Blvd. in Cerritos, consisting of approximately 10,000 square feet.
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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.
