WALNUT CREEK, Calif., December 12, 2002 – Leasing at Three Ygnacio Center, a state-of-the-art 165,000-square-foot office and retail development that opened this Fall, has gained significant momentum despite a softening commercial real estate market. 

Six firms including: Berkshire Mortgage Finance; Fidelity Investments; Lucey, Watkins & Lamson; Moffatt & Nichol Engineers; Starbucks Coffee; and Tier Technologies recently leased a total of 48,655 square feet of office and retail space at Three Ygnacio Center, making the building nearly 50 percent leased. 

Three Ygnacio Center is part of the 500,000 square foot Ygnacio Center complex, a property of Pembroke Real Estate, which also includes One and Two Ygnacio Center.  Pembroke has begun renovations to Buildings One and Two, as part of a three-year improvement plan for the project. 
“The addition of Three Ygnacio has revitalized the complex by integrating the existing buildings to create one cohesive development, ” said Bill Reny, senior vice president of Pembroke Real Estate.  “Our architect ADD Inc., incorporated a new public park into the design of the project and was able to maintain the open views to Mt. Diablo and the surrounding hillside.”

An established Walnut Creek address, Ygnacio Center continues to be a highly desirable employment destination.  The facility’s opportunities for on-site expansion, combined with its East Bay location and proximity to the BART station and major area highways make it a popular alternative to downtown San Francisco and surrounding suburbs.

"The North I-680 Corridor is the only major market in the Bay Area to post positive absorption numbers during 2002,” said Ed DelBeccaro, managing partner at Colliers’ Walnut Creek office, leasing agent for the Ygnacio complex.  “In downtown Walnut Creek, the overall vacancy rate fell 1.5 percent to close the third quarter at 9.3 percent for both A & B space.  Our leasing success under the present market conditions gives credence to the location and quality of Ygnacio Center.”

Law firm Lucey, Watkins & Lamson signed a lease for 4,131 square feet and engineering firm Moffatt & Nichol leased 9,368 square feet.  Both tenants recently occupied their new offices at Three Ygnacio Center.

Berkshire Mortgage Finance, a commercial lender and mortgage banker, has leased 6,986 square feet.  Financial services provider Fidelity Investments, which has signed a 7,593-square-foot lease, will be moving an investor center from its present location in the Bank of Walnut Creek building on Civic Drive in Walnut Creek. 

Starbucks Coffee leased 958 square feet of space for a café on the ground floor of the building.  Information technology consultants Tier Technologies, named by Forbes Magazine as one of the “200 Best Small Companies” in America for 2002, recently announced a lease of 19,619 square feet of office space. 

Pembroke Real Estate, a Fidelity Investments company, is a real estate company specializing in the acquisition, design, development and management of signature properties in major metropolitan areas worldwide, including projects in London, Tokyo, San Francisco, Dallas and Boston.  The firm seeks development opportunities with high-quality, high profile properties in the office and residential sectors.

NOTE: A photo of Three Ygnacio Center is available.