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NORTHERN CALIFORNIA NEWS
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Averna Inks Lease for 14k sf of Space in Marin County

7/07/16

Averna, a global test-solution provider for makers of communications and electronics devices, signed a seven-year, $2.5 mil lease for 13.9k sf ($2.14/sf/mo) of office and warehouse space in San Rafael. The property is at 1600 Los Gamos Dr, west of Hwy 101 and south of Lucas Valley Rd in Marin County.

The West Coast operations of Montreal-based Averna, which acquired Cal-Bay Systems of San Rafael in 2014, is set to take occupancy of the space in September. The building is LEED Gold-rated.

The decision to move to 1600 Los Gamos ends Averna's six-month search in a strong North Bay office market and beyond. Net absorption in Marin County totaled 562k sf since the first quarter of last year when the vacancy rate was 15.1 percent, according to brokers Cushman & Wakefield.

"Demand in the North Bay market has been on a low boil," said Mike Wood, director of leasing for Irvine-based SRG Commercial Property Management, which manages the building, owned by the County of Marin.

"The vacancy rate just fell below 12 percent for the first time since 2001. We think 1600 Los Gamos is unique with much to offer -- prime space from small suites to 65k sf with warehouse space and campus-like amenities that include private on-site childcare, bike storage, showers and lockers and a nearby par course."

Trevor Buck with Cushman & Wakefield represented both parties in the transaction. Also representing the county from Cushman & Wakefield were Steve Leonard, Brian Foster and Whitney Strotz. Cushman & Wakefield's market surveys show the transaction is the largest office lease in San Rafael this year.

According to Buck, 1600 Los Gamos was the only building in Marin County with space that met Averna's requirements. The lease includes 12.5k sf of office space and 1.5k sf of warehouse.

"It's difficult to find an office suite that offers warehouse space in a Class A building. This gives Averna 1,400 square feet of pure warehouse, a bunch of R&D space and amenities. They would have had to go 30 minutes to south Sonoma County to match that," he said.

Also representing the county from Cushman & Wakefield were Steve Leonard, Brian Foster and Whitney Strotz. Cushman & Wakefield's market surveys show the transaction is the largest office lease in San Rafael this year.

SRGNC Commercial Development advised the county in its 2011 acquisition of the 328k sf building in which county offices and county sheriff's headquarters occupy 163k sf. SRGNC also advised the county on sustainable and seismic upgrades to the property. Water conservation measures include the use of reclaimed water in cooling towers and elsewhere in the structure. A 463-kilowatt 1,700-panel photovoltaic array was installed, reducing electricity costs for tenants and fulfilling the county's goal of 1 megawatt of photovoltaic panels on county facilities.





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