04:56 PM PDT on Thursday, May 20, 2010
By CHRIS H. SIEROTY
Tetra Tech Inc. and the San Bernardino County Workforce Development Department have signed long-term lease agreements to occupy space at the Tri-City Corporate Centre, according to a senior executive with CB Richard Ellis. The complex of office and retail centers also renewed leases with Health Net and Arrowhead Credit Union.
Mike O’Brien, first vice president with CBRE in Ontario, said the deals bring the total occupancy rate at the 1.2 million-square-foot development, which includes 992,469 square feet of leasable space, to 75.92 percent.
The Tri-City Corporate Centre, which is located along and adjacent to Hospitality Lane in San Bernardino, has a total of 15 office buildings on 153-acres. The collection of new lease agreements was announced by Glenborough LLC, a San Mateo-based real estate investment company and owner of the complex.
O’Brien, who brokered the deals with Phil Woodford of CBRE, said the new leases were a “positive sign for the largest mixed office and retail complex in the Inland Empire.” He said despite the slow demand for office space within the two-county region, Tri-City was seeing an increase in activity.
Tetra Tech, a Pasadena-based environmental science, engineering and construction firm, signed a seven-year lease for 9,067 square-feet at 301 E. Vanderbilt Way. The county’s Workforce Development’s Employment Resource Center will occupy 16,642 square feet for the next five years at North River Place at 658 East Brier Drive.
Terms of all four lease agreements were not released. O’Brien said asking rents at Tri-City Corporate Centre ranged from $1.65 to $2.15-per-square-foot.
At the end of the first quarter of 2010, average asking rents in San Bernardino were $1.61-per-square-foot, according to a quarterly report by Colliers International.
In a statement, Glenborough said Health Net extended it lease for another year on its 10,127 square feet of offices in Lakeside Tower, 650 East Hospitality Lane. Arrowhead Credit Union also agreed to maintain its regional offices in 53,003 square feet at 550 E. Hospitality Lane through 2013.