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5/15/17
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Airbus DS Communications Inc agreed to a lease for 106.8k sf of R&D space in Temecula. The company, one of the world's largest providers of mission critical communications solutions, will use the space for its North America headquarters. The 12.5-year deal is worth $21 mil, which averages out to around $1.30/sf/mo.
Located at 41995 Zevo Dr, Airbus will occupy 48 percent of the 223.4k sf, multi-tenant facility situated on nearly 19 acres of land. With this latest lease, the property is now 84% occupied. The property is atypical for the area as it offers the ability for an 80%-plus office build-out due to its high number of employee parking spaces which are typically sought by R&D users (as opposed to industrial users that require significantly less).
The property is strategically situated near the convergence of the 215 and 15 freeways with direct access to the greater Orange County, Riverside County and San Diego County markets. Additionally, the facility is just 15 miles east of the Pacific Ocean and four miles west of the French Valley Airport. Promenade Regional Mall is within 1.5 miles and is home to over 100 stores including national chains, dozens of restaurants and a 15-screen Edwards Cinema. Downtown Temecula is near the property as well, and offers some of the area's best retail, restaurant, nightlife and entertainment. Additional area amenities include multiple golf courses, resorts, wine country and Pechanga Resort and Casino.
Corey Martin with Avison Young represented the tenant in the deal. Stan Nowak, also with Avison Young, repped the landlord, Zevo Drive Holdings LLC.
“Airbus is consolidating its operations from two other locations in Temecula totaling approximately 97.5k sf in order to achieve better efficiencies of operation, accommodate current and future expansion needs and enhance employee collaboration. Move-in is anticipated for early 2018,” comments Martin.
“The Temecula industrial market is seeing a sub-2% industrial/flex vacancy rate which posed a major challenge to identify ideal options for the tenant,” notes Nowak. “This was an off-market transaction that proved to be the best and only viable opportunity in the Temecula Valley for Airbus as it had a unique requirement of an 80% office build-out. Additionally, it was an ideal fit for the landlord as there are very few R&D users in the region.”
Airbus is leading the way in standards-based Next Generation 9-1-1, Land Mobile Radio and Emergency Notification. The company is part of the Airbus business line Secure Land Communications providing secure radio communications worldwide.
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