The Koll Company and Rialto Capital Announce Orange County's Largest Lease Deal at 2929 Imperial Hwy in Brea

Online, June 2, 2013 (Newswire.com) - The Koll Company announced today the signing of the IMS Company to the largest lease deal in Orange County so far this quarter.

The IMS Company deal, at 81,077 sq. ft., takes 2929 Imperial to 100-percent leased - less than a year after the park was acquired by a partnership of Koll and Rialto Capital, said Scott Meserve, Executive Vice President for The Koll Company.

"The long-term commitment by The IMS Company to 2929 Imperial underscores the value of the repositioning and renovation of this well-located office complex," Meserve said. "The fact that 2929 Imperial now is fully occupied is a testament to the quality of the business park, the strong market fundamentals and the access of the Brea market to Orange, Riverside and Los Angeles counties' employment base."

The partnership purchased the property for $10.8 million in July. EverTrust Bank provided a bridge loan for the acquisition and repositioning, which included lobby, landscaping, signage and other building upgrades. Initial capital improvements were completed in January and have been well received by the existing tenants.

The IMS Company (recently acquired by Zodiac Aerospace of France) committed to expand within 2929 Imperial due to Koll's hands on management and the recent completion of building upgrades, said Tim Graven, CFO of IMS.

At that time of the acquisition, the 121,153 sq. ft. business park, located near the Orange (57) and Riverside (91) freeways, was 50% leased. During escrow, the Koll partnership leased approximately 10 percent of the park to Endress+Hauser, a supplier of industrial measurement and automation equipment, joining Underwriters Laboratories.

At the time The IMS Company, an entertainment and communications solutions provider to the travel industry and a systems and software solutions provider to the air transport and aerospace markets, occupied 30,000 sq. ft. Since Koll's acquisition, The IMS Company expanded by an additional 4,000 sq. ft. on a short term basis. Then, following the acquisition of The IMS Company by Zodiac Aerospace, IMS signed a seven-year lease for 81,077 sq. ft. - a lease expected to commence in November 2013. John Harty and Mike Coppin of Voit represented the landlord and Steve Pisarik and Bruce Schuman of Studley represented the tenant on the transaction.

About the Koll Company
The Koll Company acquires, develops and manages commercial real estate. Acting as a principal for each investment, the company focuses on the acquisition of office properties, multi-tenant light industrial business parks, improving and repositioning underutilized properties, providing ground-up development services and using its operational expertise and vision to maximize returns from performing assets. Since its founding in 1962, The Koll Company has developed more than 110 million square feet of office, industrial and retail space. Further information on the company is available at www.koll.com