IRVINE, CA--(Marketwired - July 05, 2016) - Averna -- a global test-solution provider for makers of communications and electronics devices -- leased 13,946 square feet of premium office and warehouse space at 1600 Los Gamos Dr. in San Rafael, California, keeping its offices in Marin County.
The West Coast operations of Montreal-based Averna, which acquired Cal-Bay Systems of San Rafael in 2014, is set to take occupancy in September in the LEED Gold-rated building off Highway 101 at Lucas Valley Road. Total consideration of the seven-year lease is approximately $2.5 million.
"We're excited to remain in San Rafael and part of the Marin County community. This is what is best for our employees, customers and visitors," said Aldo De Vito, Averna's vice president of operations. De Vito said Averna is a growing company with 40 employees in San Rafael.
The decision to move to 1600 Los Gamos ends Averna's six-month search in a strong North Bay office market and beyond. Net absorption in Marin County totaled 562,000 square feet since the first quarter of last year when then vacancy rate was 15.1 percent, according to brokers Cushman & Wakefield.
"Demand in the North Bay market has been on a low boil," said Mike Wood, director of leasing for Irvine-based SRG Commercial Property Management, which manages the building owned by the County of Marin.
"The vacancy rate just fell below 12 percent for the first time since 2001. We think 1600 Los Gamos is unique with much to offer -- prime space from small suites to 65,000 square feet with warehouse space and campus-like amenities that include private on-site childcare, bike storage, showers and lockers and a nearby par course."
Trevor Buck, senior managing director in Cushman & Wakefield's office in Larkspur, California, represented the county and Averna in the transaction. Buck said 1600 Los Gamos was the only building in Marin County with space that met Averna's requirements. The lease includes 12,495 square feet of office space and 1,451 square feet of warehouse.
"It's difficult to find an office suite that offers warehouse space in a Class A building. This gives Averna 1,400 square feet of pure warehouse, a bunch of R&D space and amenities. They would have had to go 30 minutes to south Sonoma County to match that," he said.
Also representing the county from Cushman & Wakefield were Steve Leonard, Brian Foster and Whitney Strotz. Cushman & Wakefield's market surveys show the transaction is the largest office lease in San Rafael this year.
SRGNC Commercial Development advised the county in its 2011 acquisition of the 328,000-square-foot building in which county offices and county sheriff's headquarters occupy 163,000 square feet.
SRGNC also advised the county on sustainable and seismic upgrades to the property. Water conservation measures include the use of reclaimed water in cooling towers and elsewhere in the structure. A 463-kilowatt 1,700-panel photovoltaic array was installed, reducing electricity costs for tenants and fulfilling the county's goal of 1 megawatt of photovoltaic panels on county facilities.
SARES•REGIS Group of Irvine, California, is a privately held real estate development, investment and management firm that focuses on commercial properties and multifamily communities in the western U.S. Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential assets. The company manages a combined portfolio of approximately 21 million square feet of office and industrial space and 19,000 apartment units.