PRES signs St. Joseph Heritage Healthcare to long-term lease at 200 Center Street
Anaheim, California– The PRES Companies (PRES), a full-service owner and operator of office, retail, industrial, and hotel properties, announced today that it has completed a 191,556-square-foot long-term lease with St. Joseph Heritage Healthcare for the entire eight story Class A office building located at 200 Center Street in Anaheim, Calif. The deal is the largest office lease signed in Orange County in 2014. St. Joseph Heritage Healthcare will occupy the building for its administration services with move-in planned for Summer 2015.
The lease comes approximately 10 months after PRES acquired the building. Since its acquisition, PRES has repositioned the property, which includes improvements to the lobby and common areas. JLL Orange County Senior Vice Presidents George Thomson and James Estrada represented PRES in this lease.
“We were able to reposition this property and work with St. Joseph Heritage Healthcare to create a more efficient workspace for their consolidation ,” said David Bonaparte, Managing Principal with PRES. “We continue to selectively pursue value-add opportunities in key California markets, and plan to acquire several more projects in the coming months.”
Thomson added “The North and Central Orange County Class A office market continues to show signs of improvement with decreasing vacancy and no new construction on the horizon.”
200 Center Street represented a rare combination of a true “Class-A” corporate headquarters opportunity with a parking ratio in excess of 5/1000. Situated in revitalized Downtown Anaheim, the building is walking distance to several entertainment and retail venues including Center Street Promenade, the Packing House, Farmer’s Market and Anaheim Ice. It is also near multiple freeways and public transportation hubs, providing convenient access to neighboring Southern California communities.
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About The PRES Companies
The PRES Companies (PRES) is privately-held real estate firm specializing in investment, management in California commercial real estate. Since 1995, PRES has been creating value for its investment partners with creative strategies and successful solutions. PRES is an active investor in commercial real estate on behalf of a select group of institutional and private investors. PRES has significantly added to its California property holdings over the past 12 months with office and hotel acquisitions totaling nearly 700,000 SF. In July 2014, the firm purchased a portfolio of four, Class B office buildings totaling 290,657 square feet (SF) in Brea, Calif.. In late 2013 PRES acquired 420 Taylor Street, a 78,060-SF office building in San Francisco. Additional information about PRES and its portfolio of real estate investments can be found at www.prescompanies.com.