Summit Commercial Announces Hughes Space and Communications Lease at Continental Grand Plaza II

11/01/1999 Category: Leasing and Development

EL SEGUNDO, Calif.--November 1, 1999--Summit Commercial has signed Hughes Space and Communications to a 10-year lease for 81,000 square feet at Continental Grand Plaza II developed by Summit Commercial and Mack-Cali Realty Corporation (NYSE:CLI). Hughes will occupy two floors to meet its needs for additional engineering and office space, and plans a November move.

"This is further evidence of the strength of the El Segundo office market and its appeal as a business center," notes Jack Mahoney, president of Summit Commercial, the development arm of Highridge Partners. "With this commitment, Continental Grand Plaza II is now 60 percent leased and we are in negotiations for the remainder of the building."

Previously announced tenants at Continental Grand Plaza II are Regus Business Centres in 40,000 square feet (full floor) and Sierra Systems in 20,109 square feet.

Continental Grand Plaza II is a six-story, 237,000-square-foot Class A office building offering fiber optics and state-of-the-art technologies for high-speed data, voice and Internet connectivity. Summit Commercial identified El Segundo's market potential — its proximity to Los Angeles International Airport, major freeways, and a business-friendly environment — in 1991 when it purchased the existing Continental Grand Plaza office building and adjacent, fully-entitled 4.17 acre parcel that is now the site of Continental Grand Plaza II.

Grafton Tanquary, John Ayoob and Bill Bloodgood of CB Richard Ellis represented Summit and Hughes in the lease transaction. About Summit: Based in El Segundo, Summit Commercial Properties (www.summitcommercialprop.com) is a subsidiary of closely held Highridge Partners (www.highridgepartners.com), a firm that has acquired, developed and managed a real estate portfolio valued at more than $2.5 billion in the past decade.

Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 265 properties, primarily office and office/flex buildings, totaling approximately 28.2 million square feet, located in 12 states and the District of Columbia. The properties, which are primarily located in the Northeast, enable the Company to provide a full complement of real estate opportunities to its diverse base of over 2,400 tenants. Additional information on Mack-Cali Realty Corporation is available on the company's website at http://www.mack-cali.com.