San Gabriel Valley, Calif. – Fueled by a 93,058-square-foot lease agreement with Bank of the West, Majestic Realty Co. today announced plans to build a 166,406-square-foot speculative office building to help meet the growing office demands in the Valley.
The Park at Crossroads, 13300 Crossroads Parkway North in City of Industry, is set to break ground January 2014 with completion by April 2015, according to Majestic Realty Co. officials. The new property represents the largest, Class-A office building to be constructed in the Valley in more than 10 years.
The four-story building will be in the heart of the 110-acre, master-planned Crossroads Business Park located at the intersection of the San Gabriel River (605) and Pomona (60) freeways and with easy access to seven regional freeway systems. The new office building will signal the completion of development in the Park which includes 2-million-square-feet of office, retail and flex buildings.
“We’ve taken an extensive look at market conditions, vacancy and absorption rates, product supply and a growing office space demand in this region and we’re very confident and excited to take this step forward,” said Majestic Realty Co. Vice President David Bui. “We’re thrilled that Bank of the West has chosen this site and recognized the tremendous advantages they are getting for their company and their employees.”
Suites range from 5,000 to 45,000 square feet in efficient floor-plate design. In addition, a glass-lobby atrium and open air layout with significant landscaping provides views of the San Gabriel Mountains. A Verizon Smart Park with fiber optic service direct to the property, The Park at Crossroads also offers free parking with a 5/1000 ratio.
With 3 million people in the labor pool within 20 minutes of the Park, Majestic is pursuing companies with a desire to find the best office space available while paying close attention to the needs and wants of employees who want to reduce commute times to their southern California residence.
For Bank of the West, which will occupy a major portion of the building, it provides an opportunity to position employees from its Monterey Park location in a central business park that rivals the bank’s other California facilities.
Jim Travers and Lawson Martin of Travers Realty represented Bank of the West in the long-term lease agreement. Financial terms were not disclosed.
“Jim and Lawson were incredibly diligent and professional, working cooperatively with our team to get this deal done,” said Majestic Realty’s David Bui. “Their reputations are well documented and they were true pros to work with on what will be a terrific home for Bank of the West.”
About Majestic Realty Co.
Founded in 1948, Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. Majestic’s 70-million square-foot portfolio provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country. Headquartered in Southern California, Majestic has regional offices in Atlanta, Dallas, Denver, Las Vegas and Bethlehem, Penn.