Countrywide Home Loans Signs Lease at Stadium Gateway
01/14/2002 Category: Leasing and Development
ANAHEIM, Calif. — Countrywide Home Loans has signed a five year lease for approximately 47,000 square feet at Stadium Gateway, the recently completed $44 million, class A office building adjacent to Edison International Field. The building was developed and is owned by Summit Commercial Properties, the commercial development arm of real estate investment firm Highridge Partners, and Mack-Cali Realty Corporation (NYSE: CLI).
"Stadium Gateway is ideal for large employers like Countrywide — an environment that is productive, efficient and inviting," notes Jack Mahoney, president and CEO of Summit Commercial Properties. "The central Orange County location and wealth of nearby dining and shopping opportunities is an attractive combination for business owners and employees. These features have kept leasing interest in the area remarkably high in spite of an uncertain economy."
Stadium Gateway is a six-story, 268,000-square-foot building and is the office component of the city of Anaheim's master planned, mixed-use development for the area around Edison Field. Stadium Gateway features state-of-the-art technology and large, highly efficient floor plates.
"Stadium Gateway provides us with flexible space and a comfortable work environment for our staff," said Chuck Hoffmans, senior vice president and chief financial officer of Countrywide's Wholesale Lending Division. "It is in a convenient location in a region with a rich pool of experienced talent in the functions that Countrywide will conduct there."
Stadium Gateway will house centralized operations for subprime and government lending programs of Countrywide's Wholesale Lending Division. Countrywide will begin moving into Stadium Gateway in the first quarter of 2002 and, with anticipated growth, will eventually house approximately 300 employees in the facility.
Located at 1900 S. State College Boulevard, the project is situated in Orange County's second largest business district, the Tri-Freeway Area — the intersection of three major arteries: I-5 and Highways 57 and 22. Easy access and nearby amenities attracted the building's first tenant, New Horizons, which moved its global headquarters and two training facilities into 96,000 square feet in October. With Countrywide, the building is now 50 percent leased. The owners are currently negotiating several additional leases that are expected to be completed in the first quarter of 2002 which will bring occupancy to 80 percent. David Dowd and Greg Brown of Cushman & Wakefield represented Summit/Mack-Cali in the transaction. Countrywide was represented by Steve Eyler of Travers Realty. Nadel Architects designed Stadium Gateway and Peck/Jones was the general contractor.
About Countrywide: Countrywide Home Loans, Inc., is the principal subsidiary of Countrywide Credit Industries, Inc., and one of the nation's leading mortgage lenders. It originates, purchases, securitizes, sells and services home loans, according to its founding principle of affordable homeownership, through branch offices and www.countrywide.com. Its Wholesale Lending Division serves mortgage brokers through its own nationwide network of local branches and a robust business-to-business website, www.cwbc.com.
Founded in 1969, Countrywide Credit Industries (NYSE:CCR) provides consumer and business-to-business financial services in domestic and international markets. Consumer businesses include mortgages, insurance, banking and other financial products. Business-to-business activities encompass capital markets, transaction processing and insurance. The company is a member of the S&P 500 headquartered in Calabasas, California and has more than 17,000 employees with over 550 offices.
About Summit: Summit Commercial 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.
About Mack-Cali: 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 267 properties, primarily office and office/flex buildings located in the Northeast, totaling approximately 28.4 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,400 tenants. Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com. ###