Summit Commercial Announces Regus has Leased 40,000 Square Feet of Space at Continental Grand Plaza II
04/29/1999 Category: Leasing and Development
Renowned international business center firm establishes beachhead in Southern California to serve Los??Angeles Coastal Business Corridor
EL SEGUNDO, Calif.--April 29, 1999--Developed by Summit Commercial and Mack-Cali Realty Corporation (NYSE:CLI), Continental Grand Plaza II in El Segundo has signed the world's leading providers of fully serviced, high-tech business centers — Regus Business Centres — as a tenant. Starting in July, the company will occupy an entire floor (40,000 square feet) under a 10-year lease.
"We are delighted that a company of the size and stature of Regus has chosen to establish a regional business center in Continental Grand Plaza II," said Jack Mahoney, president of Summit Commercial, the development arm of Highridge Partners. "El Segundo is experiencing a major renaissance, reconfiguring itself from an aerospace hub into a fast-growing center for the top high-tech, telecommunications and international trade companies — a market in which Regus has great growth potential."
Regus has become a world leader in helping businesses remain competitive by containing costs and improving their flexibility. It contracts directly with Fortune 500 companies to establish and manage satellite offices, and provides a broad range of specialized services including video conferencing, multi-lingual secretarial support, and IT services. Fueled by the needs of companies to "test the waters" in the global marketplace before investing in on-the-ground assets in emerging, opportunity-rich regions and high-risk countries, Regus is one of the fastest- growing private companies headquartered in Europe and the world's largest provider of satellite office services. The company has 12 U.S. facilities and centres in more than 40 countries with plans to open 500 additional facilities over the next five years.
Continental Grand Plaza II is a 237,000-square-foot Class A office building offering fiber optics and state-of-the-art technologies capable of delivering large amounts of data with minimal interference and digitized pictures with greater clarity. "These capabilities are critical to the emerging new media, high-tech and telecommunications companies that are the engines of growth in Southern California. Additionally, the high-tech meeting facilities, video conferencing and other services that Regus provides will serve as amenities for other tenants in Continental Grand," said Mahoney.
Summit currently is in negotiations with several potential tenants, and expects the building to be more than 60 percent leased by opening in mid-June. Grafton Tanquary, John Ayoob and Bill Bloodgood of CB Richard Ellis are directing leasing for Continental Grand Plaza II.
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. Mack-Cali owns or has interests in 253 properties, primarily office and office/flex buildings, totaling approximately 28 million square feet and serving over 2,400 tenants. Mack-Cali's properties are located in 12 states and the District of Columbia.
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, the company has acquired, developed and managed a real estate portfolio valued at more than $2.5 billion in the past decade. Among Summit's latest projects in California are Summit Ridge, a research and development complex recently completed in the Sorrento Mesa region of San Diego, and Pacific Plaza, a 720,000-square-foot mixed-use development in Daly City, which will be anchored by a a state-of-the-art Century Theatres multiplex cinema.