DTZ Providing Brokerage Service and Being Retained for Leasing Assignment
SACRAMENTO, CA – Jan. 15, 2015 – DTZ, a global leader in commercial real estate services,announced today that Panattoni Development Company, Inc. has gone into escrow on an undeveloped ±14.81 acre site in Davis, CA.
Panattoni plans to develop between ±150,000 and ±225,000 square feet of new Class A office, lab and technology space on the site. Located at 3501 Chiles Boulevard, the property is zoned for a business park and commercial use. The site is said to be the largest undeveloped site within the City of Davis currently approved for development.
The proposed state-of-the-art campus design will focus on sustainability, technological enhancements and a strong sense of place both indoors and outdoors. San Francisco-based global architectural firm Vitae Architecture will be designing the campus, and Cunningham Engineering, which has done a great deal of work in Davis, including at UC Davis West Village’s zero net energy community, will be providing engineering services.
Panattoni has selected DTZ’s Jim Gray, CCIM, and Nahz Anvary, CCIM, brokers for the project leasing assignment. Based in the firm’s Sacramento office, Mr. Gray and Ms. Anvary specialize in commercial real estate located within the Sacramento region, and both reside in Davis. They are also representing the existing land ownership in the sale to Panattoni.
The development site is located between Mace Boulevard and Interstate 80’s Richards Boulevard/Downtown Davis off ramp with freeway visibility on the property’s south side. It is well connected to Davis’s bike paths and greenbelts and is close to other major business parks, including University Research Park and Mace Ranch.
Tim Schaedler, a Partner in Panattoni Development Company who is spearheading the development plan, said, “There is a real shortage today of space for mid-size and large companies in Davis. We are pleasantly surprised by the interest, enthusiasm and energy focused on our project. We believe we can deliver high-quality and competitively priced workplaces that will be a valuable addition to the Davis community. Our new project will be one of the last fully zoned, freeway-visible office developments available in Davis.”
“This is really exciting news,” said Dan Wolk, Mayor of Davis. “Panattoni is a world-class developer. That they picked Davis to build such a significant project just underscores what I’ve been saying lately — we are clearly experiencing an economic resurgence in Davis.”
“This project means jobs,” added Wolk. “It means increased sales and property tax revenues for the city, and it will be an economic development catalyst. As I said during a talk with Chamber of Commerce leaders the other day, ‘I want to renew Davis,’ to build on what we have done over the past decades and rest on our laurels. This is the type of project that leads us down that path.”
“We are actively targeting tenants and users for the proposed buildings,” said Mr. Gray, a Senior Vice President at DTZ. “In this early stage, large and mid-sized companies are going to have the opportunity to get the property tailored for their specific needs. There are many companies and institutions in Northern California that might be interested in a presence in Davis due to the ability to collaborate with UC Davis, the highly educated workforce and strong quality of life that exists here.”
Ms. Anvary, DTZ Senior Vice President, stated, “There is a strong relationship between the University of California at Davis and the business community in the region, and we are sharing our planning efforts with both the business community and the university, including with faculty, researchers, departments and operating units. We believe there will be great synergies and opportunities for collaboration providing new space for firms who have relationships with UCD who want close proximity to their academic colleagues and to a talented pool of employees and UCD students.”
“From a macroeconomic perspective, the project just makes perfect sense,” said Gretchen Becker, consultant for Panattoni.
Mr. Gray noted, “There is a scarcity of existing available spaces larger than ±10,000 square feet, which makes it difficult for Davis to accommodate corporate growth. To that, the city also lacks available modern facilities often desired by today’s companies. This project will help alleviate that.”
Panattoni and DTZ believe that there is great momentum and focus on the community of Davis, and an active collaboration amongst the city, community, university and the development team will result in a dynamic and vibrant business park that will become of the most desirable business environments in the Sacramento Valley.
Mr. Gray added, “Of course, to achieve success, the entire team’s efforts will need to embrace and enhance the DNA of the community of Davis, which includes great planning and design, sustainable buildings and innovation, close relationships between the university and the city as well as deep roots in agriculture, education and civic participation.”
Panattoni Development Company is a commercial real estate development company specializing in industrial, office and retail projects. The company has the depth, expertise and capacity to quickly respond to the demands of its clients. Panattoni provides users multi-market solutions completing quality projects on time and within budget. Panattoni is a global firm with projects underway throughout northern California and around the Globe. Carl Panattoni began his firm in Sacramento and the founder still lives in northern California. Tim Schaedler, a partner in Panattoni Development graduated from Jesuit High School and University of Oregon and resides with his family in Sacramento.
Panattoni’s commitment to environmental excellence will be woven into the fabric of the new campus through elevated efficiency, enhanced performance goals, connectivity with nature, and sustainability.
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. Our core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, building consultancy, research, consulting, and project and development management. DTZ manages 3.3 billion square feet and $63 billion in transaction volume globally on behalf of institutional, corporate, government and private clients. Our more than 28,000 employees operate across more than 260 offices in more than 50 countries and proudly represent DTZ’s culture of excellence, client advocacy, integrity and collaboration. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.