PRES Signs Healthcare Company to 192 KSF Lease in Downtown Anaheim
- Nov 03, 2014
St. Joseph Heritage Healthcare has taken the largest office lease in Orange County for 2014 with PRES Cos. at 200 Center St. in Anaheim.
The healthcare company has signed a 191,556-square-foot long-term lease with the commercial real estate firm for the entire eight-story Class A building, which it will occupy for its administration services with move-in date slated for summer 2015.
“It made great sense to secure a long-term lease with a financially sound tenant for the entire building rather than leasing it over time as a multi-tenant building,” David Bonaparte, managing principal with PRES told Commercial Property Executive.
This lease comes 10 months after PRES bought the vacant building from Pacific Bell Telephone Co., situated on 1.187 acres in the recently revitalized downtown Anaheim.
JLL Orange County Senior Vice Presidents James Estrada and George Thomson represented PRES in the lease.
Since the purchase, the owner has repositioned the building, which entailed improvements to the lobby and common areas.
“We were able to work with St. Joseph Heritage Healthcare to create a more efficient workspace for their consolidation,” Bonaparte added in the news release.
The property is located in the city’s central business district, near multiple freeways and public transportation hubs, providing convenient access to neighboring Southern California submarkets. The building is also near several entertainment and retail venues including Center Street Promenade, Farmer’s Market and Anaheim Ice.
According the the news release, 200 Center St. was a “rare combination” of Class A corporate headquarters opportunity with a parking ratio in excess of 5/1000.
“This acquisition also gave us the opportunity to control large block with efficient floor plates to attract corporate user,” Bonaparte told CPE.
The PRES Cos. is privately-held real estate firm specializing in investment, management and brokerage in California commercial real estate. Since 1995, PRES has been creating value for its investment partners and clients with creative strategies and successful solutions. PRES is an active investor in commercial real estate on behalf of a select group of institutional and private investors.