THOUSAND OAKS, CA
-- Baja Fresh, which leased over half of Moody Court Corporate Center in Thousand
Oaks, CA prior to groundbreaking for its headquarters, has now committed to occupy the
entire 22,000 sq. ft. office building prior to building completion, announces Westcord
Commercial Real Estate Services.
Tony Principe,
executive vice president of Westlake Village, CA-based Westcord, reports that Baja Fresh,
which was recently acquired by Wendy's, has leased the remaining 10,000 sq. ft. of the
two-story Class A building located at 100 Moody Court, just north of the Ventura Freeway
(101).
Principe represented both
Baja Fresh and TR Funding LLC of Westlake Village, owners of Moody Court. The
10-year lease by Baja Fresh for all 22,000 sq. ft. is valued at $6.5 million.
Principe said an end-of-September occupancy is scheduled. "We are delighted that Baja
Fresh has decided to occupy the entire building thereby gaining high corporate identity,
while assuring the long-term success of Moody Court," Principe said.
Occupying all of Moody
Court accommodates Baja Fresh's substantial growth plans, including expansion to more than
200 restaurants in 12 states by year-end, Principe said. Approximately 50 people
will be employed at the site by Baja Fresh.
Designed by Neil Scribner
of Thousand Oaks and being built by Squire Construction Corporation of Newbury Park, the
Mediterranean-styled Moody Court is a steel frame structure to be distinguished by a
staggered facade, red tile roof and generous window exposure on both levels. Other
features include four per 1000 sq. ft. of surface parking plus street parking, generous
landscaping and elevator access, and a dramatic lobby accenting marble floors,
maple-covered walls, and a stainless steel staircase.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA. Traditional office space users who had been "standing on the
sidelines" during the recent heated competition for space are now stepping up to the
plate to meet their expansion needs while providing major impetus to the continued health
of the Conejo Valley market, according to a top official of a leading area real estate
company.
Tony Principe, executive
vice president of Westlake Village, CA-based Westcord Commercial Real Estate Services,
reports that inquiries for office space in increments of from 25,000 to 100,000 sq. ft.
have intensified since the beginning of the year. "The good news is that we now have
the office space inventory to accommodate these tenants," Principe said. He explained
that there was a flurry of interest on the part of developers to construct new office
space in the Conejo Valley during the latter half of 2000 and early 2001, notably to meet
the onslaught of both dot.com companies and local firms expanding.
"But in early 2002,
the dot.coms began to unravel. Fortunately, Conejo Valley was not as severely
impacted as the Westside. The upside was that most of these new office buildings
were already in the pipeline, so when the traditional users, including law firms, biotech
and health care companies, who chose not to compete with the dot.coms for high rents
returned to the marketplace late last year and early this year, the market was
ready," said Principe.
When Sept. 11 hit, it was
primarily a psychological blow for the market, he said. "For about three to four
months after Sept. 11, no one wanted to make any decisions about office space needs until
things settled down. Today, that has changed and we have product available we didn't
have 12 months ago," Principe explained. He added that not only is some one-half
million square feet of new office space now available, but in excess of one-quarter of a
million square feet of sublease space has come on the market. "What we're seeing is
that we are simply getting back to a more traditional and healthy market," Principle
declared. "I honestly believe we needed product because of the dynamics of this
market. For this reason, I'm confident that we will absorb the new space during
2002, and that it will be a strong year for leasing."
He noted that Conejo Valley
is unique in that it has traditionally been a controlled market with a substantial amount
of leasing activity because of its desirable location. "Therefore, the addition
of newly constructed space, as is now occurring, does not have as much of an impact as in
other markets." This is buoyed, said Principe, by the small office tenant market with
requirements from 2000 square feet and up, which he said has never tailed off in Conejo
Valley.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA. |
