ORION Property Partners, Inc. Supports CashCall Inc.’s 50 % Expansion with Lease Transaction
- 127,750-Square-Foot Transaction Is Orange County’s Largest Office Deal for 2010
CashCall Inc, a financial services firm specializing in consumer and mortgage loans, completed a direct lease for a two-story 127,750 square foot building within Arena Corporate Center located at 1600 S. Douglas in Anaheim Calif. CashCall, Inc. was represented by Jay Carnahan, managing principal, and Troy Leland, principal, of ORION Property Partners, Inc. For CashCall the new lease represents a 50 percent expansion in Orange County. All told, the firm employs more than 500 professionals throughout California and Nevada.
According to Carnahan, CashCall considered several major office properties from the Airport Area to Central Orange County. “CashCall selected Arena Corporate Center because of the economics of the lease transaction, the financial strength of the property owner, expansion options, ample parking, and the highly-efficient 64,000-square-foot building floor plates that provide for greater workplace efficiency,” said Carnahan.
Owned by Bentall Kennedy (U.S.), LP. , Arena Corporate Center is a 385,000-square-foot, three-building office campus built in 2003 located adjacent to the Honda Center. The CashCall transaction is the largest office lease completed in Orange County for 2010 (CoStar). The 68-month lease, valued at more than $17 million, includes extension options for CashCall.
“Given the current capital and credit markets’ uncertain environment, and its effect on our core business, structuring a creative and competitive lease transaction was very important to CashCall. I’ve worked with Carnahan on multiple transactions on behalf of my companies over the last 15 years. I trust his experience and guidance,” said Paul Reddam, Ph. D., CEO and president, CashCall, Inc.
Reddam added that with the commercial real estate market experiencing a major historical downturn, Carnahan’s knowledge, insight into the dynamics of the current market, and his longstanding close relationships with the institutional players who had the ability to structure and execute a win-win transaction exceeded expectations.
Carnahan has represented J. Paul Reddam and his companies since 1995. Reddam founded ditech.com and eventually sold that firm to GMAC for $270 million. All told, Carnahan has leased, on behalf of Reddam’s companies, in excess of 800,000 square feet in Southern California (Orange County) and Nevada.
“We could not be happier reaching an agreement for a long-term lease with CashCall and Carnahan of ORION Property Partners. With the high vacancy in the Orange County market and the numerous office space alternatives available to growing credit tenants, CashCall’s selection of Arena Corporate Center as the best project with strong institutional ownership confirms our confidence in the Orange County market and Arena Corporate Center’s top tier recognition by tenants and brokers,” said Steve Reents, vice president, Bentall Kennedy (U.S.), LP.
“Orange County remains a strong location for the financial services and mortgage industries. When the credit crisis hit, the mortgage industry suffered causing job loss and vacancy in the County. However, as the housing market stabilizes, we’re seeing those industries start to grow and hire again, primarily because the brain power is still here,” Carnahan said.
ORION Property Partners is a dominant brokerage firm in Orange County’s office market, specifically for the Airport Area submarket. All told, ORION’s senior-level team of brokers has been involved in the development and management of in excess of 10 million square feet of the Airport Area’s 26.9 million square foot class A office market, giving them a valuable perspective on this highly sought after office market. The ORION team has been the leasing representative for some of the nation’s leading institutional owners including: Shorenstein, MPG Office Trust, TA Associates, Kilroy, Hines, RREEF, Equity Office Properties, and Starwood Capital. In 2010, ORION completed more than 200 transactions, including two of Orange County’s largest office leases: the 127,750-square-foot CashCall, Inc. lease at 1600 S. Douglas in Anaheim and the restructure and extension of LA Fitness’ more than 60,000 square foot lease at 2600 Michelson. The firm is actively negotiating more than one million square feet of office lease transactions for a number of notable companies.
About ORION Property Partners: ORION Property Partners is a premier commercial real estate firm in Orange County. Based in Irvine, the firm provides a high level of client service in project leasing, tenant representation, and consulting, handling office properties ranging from single property to full portfolios. The team’s unique culture is focused on a select client list minimizing conflict of interest and maximizing client service and transaction success. For more information, visit ORION at www.oppre.com.