Welcome!

News Feed Item

CIP Real Estate Secures More Than $18.6 Million in Leasing at Empire Towers in Ontario, Calif.

CBRE, Wells Fargo Bank, Liberty Mutual Insurance, NGIC, Windsor Foods, and David Evans & Associates Sign New Leases Totaling 160,000 Square Feet

ONTARIO, CA -- (Marketwired) -- 02/05/14 -- Irvine, Calif.-based commercial real estate investment and management company, CIP Real Estate, announced today the completion of 18 new lease and renewal transactions at Empire Towers, the premier office park located on Inland Empire Boulevard in Ontario, Calif. The total value of the transactions exceeds $18.6 million and encompasses approximately 160,000 square feet. The transactions include CBRE, Wells Fargo Bank, Independent Capital Management, National General Insurance Corporation, Edgewood Partners Insurance Center, Sedgwick Claims Management, Liberty Mutual Insurance, David Evans & Associates and Windsor Quality Foods Company. CIP Real Estate owns Empire Towers in partnership with a fund sponsored by Guggenheim Real Estate, a Boston-based national real estate investor.

Specific leasing activity within Empire Towers in Q4 2013 included the following notable transactions:

  • CBRE renewed its long time tenancy with a new term of 10 years for approximately 15,000 square feet (Tenant Broker - P. Woodford, CBRE)
  • Wells Fargo Bank signed a new lease for 6,600 square feet, expanding its significant footprint at Empire Towers (Tenant Broker - J. Oien, CBRE)
  • Liberty Mutual Insurance, a twenty year tenant at Empire Towers, signed an expansion of 5,400 square feet (Tenant Broker - C. Jablin, Studley)
  • Sedgwick Claims Management renewed and expanded in the park and now occupies over 29,700 square feet (Tenant Broker - V. Batoosingh, CBRE)
  • Windsor Quality Foods Company, another 15 year tenant in the park, renewed its lease for 39,500 square feet (Tenant Broker - S. Ison, Axis & Dave Mudge, Lee & Associates)
  • David Evans & Associates, an environmental consulting services firm, signed a new lease for 10,255 square feet (Tenant Broker - C. Daggett, Mohr Partners)
  • National General Insurance, also a 20 year occupant of Empire Towers, renewed and expanded its lease for more than 22,300 square feet (Tenant Broker - J. Buschofberger, Lee & Associates)
  • Edgewood Partners Insurance Center signed a new lease for five years for 6,900 square feet (Tenant Broker - M. Jones, CRESA)
  • The Hays Group expanded into a new 5,708 square foot suite for seven years (represented the Landlord - S. Flemer, CIP Real Estate)

"Our strategy to create multitenant floors at Empire Towers resulted in a surge of leasing that out-paced the market," said Scott Flemer, Senior Vice President and Director of Marketing at CIP Real Estate. "Our new tenants appreciated the flexibility and wide range of spaces we were able to offer at Empire Towers."

In 2014, CIP Real Estate and Guggenheim will invest more than $2 million in significant project improvements, including renovations to lobbies and common areas in all four buildings. Conveniently located near the 10, 15 and 60 Interstates, the Class-A business park contains approximately 400,000 square feet over four different towers, and is within close proximity to major hotels, restaurants and Ontario Mills Mall. Pedestrian walkways, comfortable seating areas, attractive landscaping and two water features provide tenants with ample room to enjoy California's climate.

"We are very pleased with the leasing activity we saw in the fourth quarter of 2013 for Empire Towers," said Phil Woodford, Senior Vice President of CBRE, who was the lead broker on the project. "The Inland Empire saw 279,288 square feet of positive net absorption last quarter and vacancy decreased for the second quarter in a row."

Empire Towers offers a broad range of space sizes and configurations in its four buildings and includes a nine-story tower, making it the tallest office building the Ontario submarket. The project also offers "spec suites" that are ready for immediate occupancy for smaller tenants. The property has commanding views of the Ontario Airport and the San Bernardino mountains.

About CIP Real Estate - CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial management parks. Founded in 1995, CIP Real Estate owns and manages more than 5 million square feet of quality real estate throughout California, Nevada and North Carolina and has completed an excess of $1 billion in acquisitions and dispositions since its inception. www.ciprealestate.com

Contact:
Rebecca Hall | Kira Sarkisian
IDEA HALL
714-263-8724 | 714-263-8729
[email protected] | [email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...