Summit Commercial Leases 35,000 Square Feet to World's Largest Manufacturer of Hearing Aids
03/14/2000 Category: Leasing and Development
SAN DIEGO — NuEar, a division of Starkey Laboratories, the worldwide leader in hearing aid production, has signed a five-year, $2 million lease for 35,000 square feet at Summit Ridge Business Center in Sorrento Mesa, a joint development of Summit Commercial Properties and Mack-Cali Realty Corporation (NYSE:CLI). NuEar will consolidate its two existing San Diego facilities into the single corporate headquarters/ manufacturing facility at Summit Ridge in April 2000.
"Our new headquarters at Summit Ridge not only enables us to streamline our administrative and manufacturing operations within a single state-of-the-art facility, but it also comfortably accommodates all of the company's 170 employees with room for future expansion," notes Chad Jorgensen, managing director of NuEar.
Summit Ridge is a three-building research and development complex designed by Turpit + Potter Architects and featuring mezzanine style buildings suitable for office, research and development and high-tech operations. Located on Mesa Ridge Road, the Class A business park also is home to INET, Inc., a leading Southern California telecommunications solutions provider. "Summit Ridge is in the heart of San Diego's medical/technology community," notes Jack Mahoney, president of Summit Commercial. "With several prominent medical research and biotechnology companies just minutes away, NuEar has access to a wealth of resources and benefits from a prestigious business address."
John Devine of Cushman & Wakefield represented Summit in the transaction, and Mark Lipschitz of Voit represented Starkey Laboratories. Starkey Laboratories is the worldwide leader in hearing aid production with annual revenues of $340 million. Its corporate headquarters are located in Minneapolis, with subsidiary offices around the globe. Acquired by Starkey in 1989, San Diego-based NuEar is the company's largest domestic division. NuEar is a strategic partner with audiological and dispensing professionals whose mutual objective is to improve upon services and products for the hearing impaired.
Summit Commercial Properties is an affiliate of Highridge Partners (www.highridgepartners.com), 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 $3 billion in the past decade. Summit currently has more than $400 million in development underway throughout California.
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 266 properties, primarily office and office/flex buildings, totaling approximately 28.4 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.