ONTARIO, CA--(Marketwired - Feb 5, 2014) - Irvine, Calif.-based commercial real estate investment and management company, CIP Real Estate, announced today the completion of 18 new lease and renewal transactions at Empire Towers, the premier office park located on Inland Empire Boulevard in Ontario, Calif. The total value of the transactions exceeds $18.6 million and encompasses approximately 160,000 square feet. The transactions include CBRE, Wells Fargo Bank, Independent Capital Management, National General Insurance Corporation, Edgewood Partners Insurance Center, Sedgwick Claims Management, Liberty Mutual Insurance, David Evans & Associates and Windsor Quality Foods Company. CIP Real Estate owns Empire Towers in partnership with a fund sponsored by Guggenheim Real Estate, a Boston-based national real estate investor.
Specific leasing activity within Empire Towers in Q4 2013 included the following notable transactions:
- CBRE renewed its long time tenancy with a new term of 10 years for approximately 15,000 square feet (Tenant Broker - P. Woodford, CBRE)
- Wells Fargo Bank signed a new lease for 6,600 square feet, expanding its significant footprint at Empire Towers (Tenant Broker - J. Oien, CBRE)
- Liberty Mutual Insurance, a twenty year tenant at Empire Towers, signed an expansion of 5,400 square feet (Tenant Broker - C. Jablin, Studley)
- Sedgwick Claims Management renewed and expanded in the park and now occupies over 29,700 square feet (Tenant Broker - V. Batoosingh, CBRE)
- Windsor Quality Foods Company, another 15 year tenant in the park, renewed its lease for 39,500 square feet (Tenant Broker - S. Ison, Axis & Dave Mudge, Lee & Associates)
- David Evans & Associates, an environmental consulting services firm, signed a new lease for 10,255 square feet (Tenant Broker - C. Daggett, Mohr Partners)
- National General Insurance, also a 20 year occupant of Empire Towers, renewed and expanded its lease for more than 22,300 square feet (Tenant Broker - J. Buschofberger, Lee & Associates)
- Edgewood Partners Insurance Center signed a new lease for five years for 6,900 square feet (Tenant Broker - M. Jones, CRESA)
- The Hays Group expanded into a new 5,708 square foot suite for seven years (represented the Landlord - S. Flemer, CIP Real Estate)
"Our strategy to create multitenant floors at Empire Towers resulted in a surge of leasing that out-paced the market," said Scott Flemer, Senior Vice President and Director of Marketing at CIP Real Estate. "Our new tenants appreciated the flexibility and wide range of spaces we were able to offer at Empire Towers."
In 2014, CIP Real Estate and Guggenheim will invest more than $2 million in significant project improvements, including renovations to lobbies and common areas in all four buildings. Conveniently located near the 10, 15 and 60 Interstates, the Class-A business park contains approximately 400,000 square feet over four different towers, and is within close proximity to major hotels, restaurants and Ontario Mills Mall. Pedestrian walkways, comfortable seating areas, attractive landscaping and two water features provide tenants with ample room to enjoy California's climate.
"We are very pleased with the leasing activity we saw in the fourth quarter of 2013 for Empire Towers," said Phil Woodford, Senior Vice President of CBRE, who was the lead broker on the project. "The Inland Empire saw 279,288 square feet of positive net absorption last quarter and vacancy decreased for the second quarter in a row."
Empire Towers offers a broad range of space sizes and configurations in its four buildings and includes a nine-story tower, making it the tallest office building the Ontario submarket. The project also offers "spec suites" that are ready for immediate occupancy for smaller tenants. The property has commanding views of the Ontario Airport and the San Bernardino mountains.
About CIP Real Estate - CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial management parks. Founded in 1995, CIP Real Estate owns and manages more than 5 million square feet of quality real estate throughout California, Nevada and North Carolina and has completed an excess of $1 billion in acquisitions and dispositions since its inception. www.ciprealestate.com