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March 03, 2008

Radius Group Commercial Real Estate Completes Large Office Deal to Microsoft Coporation in Carpinteria as Vacancy Falls Below 3%

Santa Barbara, Calfornia – 03/03/08

Commerical Real Estate Completes Large Office Deal to Microsoft Corporation in Carpinteria as Vacancy Falls Below 3%.

Radius Group Commercial Real Estate is pleased to announce that Microsoft Corportation has leased 10,395 square feet at 5464 Caprinteria Ave. in Carpinteria. Steve Brown co-founder of Radius Group, Austin Herlihy and Bob Tuler represented the lessor in this transaction and Dan Baumeister with Jones Lang LaSalle represented the lessee. Carpinteria’s office market has been very active while attracting nationally known tenants in the past six months.

Carpinteria has taken over, as one of the premiere office locations in the Tri-Counties. Vacancy rates in Carpinteria are now rivaling downtown Santa Barbara and the current market is tighter and more affordable than the Goleta Market. In 2005, two of the regions most successful companies purchased buildings in the Carpinteria/Summerland area. Both QAD and Venoco Oil decided to make a long term investment in Santa Barbara County and further cement their place in the region.  Both companies had something else in common as well; they both were previously located at 5464 Carpinteria Ave.The two companies vacated the premises and left an abundance of vacant space in Carpinteria.

5464 Carpinteria Ave was put on the market and sold in 2005 by an owner who was not up to the task of leasing 80% of the 52,000 square foot office building. Steve Brown of Radius Group represented the buyer in this transaction. The buyer also hired Brown, Tuler and Herlihy to lease the building. With vacancy rates in January 2005 at 22%, the task of leasing an approximately 40,000 square foot office space was challenging. By the end of 2007, the building is 100% leased with two of the strongest anchor tenants in the County, SAIC and Microsoft Corporation. Brown, with the help of Radius co-founder Bob Tuler and agent Austin Herlihy has helped shrink the vacancy rates in Carpinteria from 22% in January of 2005 to 3% in January of 2008.

Austin Herlihy remarks that “Carpinteria has had a significant increase in demand due to the attractive lease rates and the ability to hire employees from Ventura and Los Angeles County Ventura and Los Angeles employee’s find it attractive from a commuting standpoint as they do not have to fight the traffic from Carpinteria to Santa Barbara or Goleta.”Steve Brown has noted that “the work force from Ventura County offers Santa Barbara companies the ability to hire educated employees without having to pay them what Santa Barbara employees require to live here.”

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