SAN GABRIEL VALLEY, CA-Developer Majestic Realty Co. has revealed plans for a 166,406-square-foot speculative office building, the Park at Crossroads. Bank of the West has signed a 93,058-square-foot long-term lease in the building, helping to encourage the project, which is located in the Crossroads Business Parkat 13300 Crossroads Parkway North in City of Industry. Jim Travers and Lawson Martin of Travers Realty represented Bank of the West in the trasaction. Cost of the project was undisclosed.
“We've taken an extensive look at market conditions, vacancy and absorption rates, product supply and a growing office space demand in this region, and we're very confident and excited to take this step forward,” says Majestic Realty Co. VP David Bui.
Construction on the project will begin in January 2014 with completion planned for April 2015. Once complete, the 4-story building will offer 5,000- to 45,000-square-foot suites with views of the San Gabriel Mountains and efficient floor-plate design. Building amenities include a glass atrium in the lobby, ample free parking and an open-air layout in a Verizon Smart Park.
The building will be the largest class-A building constructed in the Valley in over a decade, supplying a growing demand for quality office space in the submarket. Majestic Realty Co.plan tap into the 3 million workers living within a 20-minute radius by targeting companies interested in reducing employee commutes.
This new development is one of few office projects planned in the greater Los Angeles market. Mar Ventures, in partnership with Continental Development Corp., is developing a 15 building creative office campus in El Segundo, CA. Mar Ventures president Allan Mackenzie told GlobeSt.com that few office developments of that scale have come online in the past five years; however, he predicts the development will lease quickly based on market conditions. Likewise, Majestic Realty's agreement with Bank of the West reduces risk for a much-need class-A development in the San Gabriel Valley.
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Kelsi Maree Borland
