Prima Publishing Signs Largest Office Lease in Roseville History at Lava Ridge Business Center
08/11/1999 Category: Leasing and Development
70,000 square foot lease marks crossroads in Roseville's rise as Sacramento area's business market of choice
ROSEVILLE, Calif.--August 11, 1999--Prima Publishing, the rapidly growing book publisher and media company, has signed a lease for a new corporate headquarters of approximately 70,000 square feet at Lava Ridge Business Center, the high profile business park developed by Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI). The transaction, Roseville's largest office lease to-date, is a milestone in the city's emergence as a premier business address.
"Fortune 500 companies and other top regional businesses are seeking a competitive advantage to attract and retain the best employees", notes Jack Mahoney, president of Summit Commercial. "This area has become one of the region's hottest office markets, attracting major high tech, financial and service industry leaders largely because of its wide range of housing options and community-serving amenities that are appealing to these companies' employees."
"Prima's new headquarters at Lava Ridge will double our current facilities, enabling us to continue our rapid growth in book publishing and new media including the Internet," said Ken Silva, vice president and chief financial officer of Prima Publishing." Now in its 15th year, Prima Publishing is one of the largest independently owned publishing companies in the United States. Prima Publishing has been honored twice by Inc. Magazine as one of America's 500 fastest growing independent companies. In addition to its headquarters in Rocklin, California, Prima operates subsidiaries in the United Kingdom and Germany.
Prima publishes over 300 new books per year in four divisions. Prima's newest division, Prima Health, is committed to bringing together the best of science and the best of nature to maintain optimum health. Prima's Lifestyles division focuses on improving the quality of life with titles in several areas including, parenting, self-improvement, business, pets and crafting. Prima Games is the "Most Trusted Name in Games" and has grown to be the world's leading publisher of strategy guides for computer and console games with more than 15 million strategy guides in print. Prima Tech publishes six series of computer books designed to assist computer users of all levels. "As the largest single occupant, Prima will serve as the anchoring tenant of the new Roseville facility," notes Mahoney, "We are excited about Prima's growth and their commitment to the area with this ground-breaking contract." Lava Ridge Business Center, designed by renowned Nadel Architects, comprises 180,000 square feet, featuring dramatic two-story glass lobbies with unobstructed views of the Sierra Nevada and downtown Sacramento. Interior spaces incorporate the finest materials — slate floors, wood detailing and decorative stainless steel, and the campus' professional management includes first class amenities such as concierge services. The buildings also feature state-of-the-art technology, including fiber optics capabilities and the most advanced security and HVAC systems. Floor-plates range from 22,500 to 34,550 square feet and are divisible for a single or multiple tenants.
The Business Complex is comprised of three Class A buildings on 12 landscaped acres offset by pedestrian plazas in a premier location along Interstate 80 in Roseville, midway between downtown Sacramento and Auburn, California. Roseville is already home to such world class corporations as Hewlett Packard, Oracle, Paine Webber and John Hancock Insurance. Construction on all three buildings in the Lava Ridge development will be completed by the end of September 1999. Prima's custom office space improvements will start prior to the building's completion, with occupancy expected by November 1999. Kevin Larscheid and Betty Diepenbrock of CB Richard Ellis represented Summit Commercial in the transaction, and Craig Brinitzer of Cornish & Carey represented Prima Publishing.
"Lava Ridge is a classic example of our joint development focus with Summit Commercial — a top location in a growing sub-market with emerging business demands," said Mitchell E. Hersh, chief executive officer of Mack-Cali Realty Corporation. "Together we have more than 1.4 million square feet of developments in key markets like this throughout California." New Jersey-based Mack-Cali is one of the leading real estate investment trusts in the country with a total market capitalization of over $3.5 billion and properties located in 12 states and the District of Columbia. Mack-Cali has established a partnership with Summit Commercial to pursue office development opportunities in California, with joint venture projects including Pacific Plaza in Daly City; Continental Grand Plaza II in El Segundo and Summit Ridge Business Park in San Diego.
Summit Commercial is an affiliate of Highridge Partners, one of the nation's most successful and respected real estate companies. Headquartered in Los Angeles with Northern California offices in Sacramento and Daly City, the company has acquired, developed and managed a real estate portfolio valued at more than $2.5 billion in the past decade. Recently Summit Commercial has focused on California, acquiring 50 properties in the last five years.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, reports on Form 8‑K, and annual reports on Form 10-K.