The universe of collectors extended the lease of Art Drawbridge Realty‘s Pacific Center, a 392,879-square-foot office park in Santa Ana, California. The authentication and grading company for collectibles owners has added 102,000 square feet to its local footprint and will occupy 286,636 square feet at the property. CBRE worked on behalf of the landlord Savills represented by the tenant.
According to CommercialEdge, this is Collectors Universe’s third expansion at Pacific Center since Drawbridge acquired it in 2019 for $97.5 million from The Brookhollow Group. Located at 1600 and 1610 E. St. Andrew Place, a two-building campus includes retail space and 939 parking spaces. The hotel is 3.1 miles from downtown Santa Ana, in the Opportunity Zone, and 5 miles from Old Town Orange.
Collectors Universe’s expansion to Pacific Center was made possible by Drawbridge’s agreement with Mr. Cooper, a loan servicing company, to terminate its lease early. The firm sought to downsize its space before the lease expires in 2023.
CBRE Senior Vice President Ross Bourne and Vice Chairman Dave Desper acted on behalf of Drawbridge. Savills managing directors Zev Holtzman and Taylor Wood represented Collectors Universe.
This is Drawbridge’s third long-term lease with a major tenant from early 2022. In the first quarter of this year, the firm signed a 15-year lease for the 1.4 million-square-foot Airport Technopark in Salt Lake City; the new tenant, a medical diagnostic company, will occupy 230,000 sq.m.
In June, Drawbridge signed a 15-year lease with semiconductor manufacturer Onsemi at its Rose Orchard campus in San Jose, California. Onsemi will take over the full occupancy of the 92,448-square-foot building at 150 Rose Orchard Way.
Earlier this year, Drawbridge has entered the Dallas and Fort Worth markets with the acquisition of HQ53, a 248,661 square foot office property in Plano, Texas that is fully leased to Aimbridge Hospitality. The acquisition was financed with an $84.9 million loan.