IRVINE, Calif. – Stream Realty Partners secured the largest office lease transaction in Tustin, Calif. this year leasing 21,467 square feet to LabCorp, a national public healthcare company. The lease includes prime building signage. Stream Realty has leased 52,906 square feet in the last 60 days at the Tustin Financial Plaza located at 17772-17862 East 17th Street, boosting occupancy rates to 95 percent.
"Stream Realty has done an outstanding job the past three years in marketing Tustin Financial Plaza,” said John P. Drachman, vice president at Greenlaw Partners, the owner of the building. “Their combination of professionalism, hard work and excellent broker relationships was key to re-stabilizing the project. We believe our partnership was critical in achieving the leasing success at the project in a tough market."
Stream Realty elevated the property from 45 percent to 95 percent leased in three years. Occupancy rates at the Tustin Financial Plaza are the highest they have been since 2006. The local submarket has an overall occupancy rate of 86 percent across the 113 Class A and B properties, accounting for 3.7 million square feet of office space.
"The recent transactions at Tustin Financial Plaza show the demand of strategically located, quality office environments that are within walking distance of retail amenities and services,” said Mike Adams, senior associate at Stream Realty Partners. “We anticipate that the leasing fundamentals will continue to improve and owners with good product that are well located will start pushing rates and decreasing concessions."
The Tustin Financial Plaza is a 177,073 square-foot, five-building office complex centrally located in Orange County that was built in 1979 and renovated in 2007. The complex offers an unmatched amenity base within walking distance to banks, grocery stores, restaurants, coffee shops and more. Tustin Financial Plaza is located within minutes from the (I-5) Santa Ana, (CA-55) Newport/Costa Mesa and (CA-22) Garden Grove Freeways and within 15 minutes to John Wayne International Airport.
"Greenlaw Partners’ ability to move quickly on transactions has supplemented our marketing efforts and given us the upper hand when making ,” said Blaine Annett, co-managing partner of Stream Realty.
ABOUT STREAM REALTY PARTNERS:
Stream Realty Partners, L.P. is a full-service real estate investment, development and services company. Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 450 real estate professionals nationwide with office locations in Washington, DC; Atlanta; Austin, Texas; Charlotte, N.C.; www.streamrealty.com./Ft. Worth; Denver; Houston; Los Angeles; Orange County, Calif., andSan Antonio. Stream Realty leases and/or manages more than 3 million square feet of space in Orange County and more than 100 million square feet of commercial buildings in the nation; completes over $1 billion in real estate transactions annually; and is considered one of the most active investors and developers in the Southwest. Stream Realty creates a distinct culture that is best summarized by its company values: Nice. Smart. Honest. Passionate.
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