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

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
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...