Cisterra Partners, CB Richard Ellis and Trammell Crow Company announce that Comerica Bank has executed a lease for two mid-level floors at DiamondView Tower where the bank will consolidate its San Diego regional banking services, and for a first-floor site of a relocated downtown bank branch.
The15-story building in East Village at the corner of 10th Avenue and J Street will rise just beyond the right-field fence of Petco Park, home of the San Diego Padres. The bank has signage rights, pending city approval, to place the Comerica logo at the top of DiamondView Tower where it will be visible to Petco Park baseball fans.
Cisterra plans to break ground this spring on the 306,700 sq. ft., Class A office tower, with completion expected by January 2007.
Comerica Bank joins Cox Communications as one of the first two major tenants to finalize a lease at DiamondView Tower project.
"We are excited to become a part of the East Village and DiamondView Tower," said Mike Fulton, president and CEO of Comerica Bank’s western division. "DiamondView Tower will signal our expanding presence and confidence in San Diego, allow us to support its growing downtown communities and offer tremendous amenities for our employees and customers."
Comerica currently has offices and a branch in two buildings on B Street in San Diego, and recently opened a new branch in La Jolla.
DiamondView Tower will offer suburban-like parking as well as skybox-type views of the ballpark, San Diego Bay, and the Coronado Bridge. The design includes private balconies on every floor, a 15th-floor conference/entertainment room, 36,000 sq. ft. of first-floor retail amenities, and a free tenant shuttle.
The new building will be located next to the Park at the Park. It is a short walk from the Gaslamp Quarter and mass transit stops, and has easy freeway access.
DiamondView Tower received San Diego City Council approval in November 2004. In December, Cisterra Partners closed acquisition rights with the San Diego Padres for the site and Prudential Real Estate Investors became a partner in the project.
Comerica Bank was represented in this transaction by David Crabb, Herb Hafter, and Craig DeMiranda of Trammell Crow Company. Kraig Kristofferson, Nelson Ackerly and John Gross of CB Richard Ellis represented Cisterra Partners.
About Comerica Bank
The Western Division of Comerica Bank includes 50 branch offices in key California markets, including San Francisco, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento and Santa Cruz /Monterey, with a regional office in Phoenix, Ariz.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica Incorporated reported total assets of $51.8 billion at Dec. 31, 2004.
About Cisterra Partners
Cisterra Partners is a full service real estate development andinvestment company that has state of the art project management and accounting systems, and an assembled staff of real estate professionals that have the knowledge, experience and skills to provide clients with diversified real estate services, including development management, build-to-suit leasing and real estate consulting. By utilizing a partnership structure and off balance sheet financing, Cisterra has literally changed the way large high tech users approach their facilities needs. Cisterra has designed campuses for Cisco System totaling five million sq. ft. and built over two million sq. ft. for Cisco. Headquartered in San Diego, Cisterra recently completed the development and building management of Biogen Idec's new corporate campus and research center in University Town Center. For more information, visit www.cisterra.com or www.diamondviewtower.com.
About CB Richard Ellis
Headquartered in Los Angeles, CB Richard Ellis is the world’s leading commercial real estate services firm. With approximately 14,000 employees, the company serves real estate owners, investors and occupiers through more than 250 offices worldwide. The company’s core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; capital markets; appraisal and valuation; research; and consulting. For more information, visit www.cbre.com.
About Trammel Crow Company
Founded in 1948, Trammell Crow Company (NYSE: TCC) is one of the largest diversified commercial real estate services companies in the United States. Through its Global Services Group, the company provides building management, brokerage and project management services to both investors in and users of commercial real estate. Development and investment services are provided through the company's Development and Investment Group. In addition to its full service offices located throughout the U.S., it delivers real estate services to corporate customers. The company delivers brokerage services in Canada, Europe, and Asia, through property services companies. For more information, visit www.trammelcrow.com .
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