Four New Leases Signed at Fountain Plaza Office Project

SAN DIEGO – October 26, 2009 – CB Richard Ellis announced that four leases totaling 20,675 square feet with total consideration of $1,187,604 have been signed at Fountain Plaza, a four-building 85,353 square foot office and corporate headquarters project located at 6042-6048 Cornerstone Court West in Sorrento Mesa. 

Sorrento Therapeutics leased 6,904 square feet at 6042 Cornerstone Court West for 60 months with total consideration of $418,174. Value Gene Inc. leased 2,619 square feet at 6042 Cornerstone Court West for 36 months with total consideration of $87,631. 

Accelagen Inc. leased 5,196 square feet at 6044 Cornerstone Court West. The 63-month lease is valued at $327,367. BPS Biosciences Inc. leased 5,956 square feet at 6044 Cornerstone Court West for 60 months with total consideration of $354,531.

Michael Alessio, Scott Kincaid and Tyler Gossett of CB Richard Ellis are the exclusive leasing team for Fountain Plaza. Brian Cooper of Jones Lang LaSalle represented Sorrento Therapeutics. Value Gene Inc. represented itself. Andy Irwin of CB Richard Ellis represented Accelagen Inc. BPS Biosciences represented itself.

Fountain Plaza is owned by Suntree Garden LLC with management provided by Trilar Property Management. According to David Wen of Suntree Garden LLC, Fountain Plaza’s success is attributed to collaboration. 

“The recent activity at Fountain Plaza in the current economic conditions is the result of taking a team approach to managing and marketing the property,” Wen said. “By working closely with CBRE, we have been able to offer competitive rates and creative solutions to attract solid tenants.” 

The buildings at 6044 and 6046 Cornerstone Court West are now 100 percent leased. There is only one 5,805 square foot suite available for lease at 6042 Cornerstone Court West and 6048 Cornerstone Court West has approximately 16,200 square feet available.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue).  The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com/sandiego.