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May 21, 2018
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SOUTHERN CALIFORNIA NEWS
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Hamilton Sundstrand Leases 79k sf Office Property in the San Gabriel Valley

1/23/18

Hamilton Sundstrand, a division of United Technologies Corporation, inked a lease for 79k sf of office space in San Dimas. The property is located at 936-960 Overland Court, south of the 210 Fwy and just west of the 57 Fwy.

Although the deal terms were not disclosed, per a local pro we spoke to, the lease was likely for 10 years with a total value somewhere in the neighborhood of $20 mil.

The property is part of a two-building, high-image office campus totaling approximately 177k sf of space owned by Walton Street and Stillwater Investment Group, who acquired the project in February 2015 for $18 mil. The owner then completed extensive renovation of the project, which included re-facing the building, expanding the parking field, replacing landscaping, interior demolition, along with the addition of communal exterior gathering places providing a more creative office atmosphere.

According to John P. Drachman, founder, Stillwater Investment Group, this transaction shows the strength of the East San Gabriel office market.

NKF’s Drew Sanden, Taylor Ing and Scott Maples represented the landlord in the transaction, which encompassed the entire building. United Technologies is relocating from Pomona because their existing building has been entitled for multifamily.

The San Gabriel Valley remains one of the healthiest office submarkets in Southern California, notes Sanden. “This lease represents the continued absorption of big blocks of space in what has quickly become a supply- constrained submarket. This imbalance of office supply vs. tenant demand is driving several spec office developments in the submarket which have been met with significant preleasing activity.”






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