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Deal of the Week - Lease

Meketa renewal on Armada

The Deal of the Week lessee was represented by Damon Melba and Scot Ginsburg, of Jones Lang La Salle (NYSE: JLL).

The lessor was represented by John Hoffman, of Cushman & Wakefield.

The deal was a renewal by Meketa Investment Group Inc., involving a lease of 13,357 square feet of office space in the Ocean Ridge building, at 5796 Armada Drive in Carlsbad 92008. The lessor was Ocean Ridge Office Corporation, an entity of LaSalle Investment Management.

The property was leased for 60 months at $2.7 million. Ocean Ridge at Carlsbad Ranch is a 74,891-square-foot office building constructed in 2006.

The steel frame building occupies 3.79 acres and includes subterranean parking.

In December 2007, the building was sold for $27.5 million. At that time, the property was reportedly 69 percent occupied with tenants including Morgan Stanley (NYSE: MS), (11,331 square feet); Ajilon Professional Staffing, (3,614 square feet); PGP Valuation, (6,125 square feet); Macquarie Holdings Inc., with renewal on 3,064 square feet for 65 months at $550,000 this fall; JPI Development, for a seven-year, $4.5 million lease for 16,592 square feet in fall 2006; and Meketa.

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