RELEASE #6916

Rockefeller Group Development Corporation Acquires Seagate Corporate Center, Oceanside, CA

North San Diego County Primed for Growth 

            IRVINE, CA, October 10, 2006 – Rockefeller Group Development Corporation (RGDC), with headquarters in New York City and a regional office in Irvine, CA, has acquired Seagate Corporate Center on Rancho Del Oro Drive, Oceanside, CA. Seagate Corporate Center encompasses 26.5 acres and will be comprised of 12 industrial buildings and four office buildings totaling 376,685 rentable square feet.  Coldwell Banker Commercial represented both the buyer and seller in this transaction. The buyer was represented by Ron King, SIOR and David Onosko.  The seller was represented by Ron King SIOR, Adam Molnar, Joe Crotty and Mike Scott.

The construction of Seagate Corporate Center consists of two phases: phase 1, currently under construction, totals more than 205,000 rentable square feet on 13.5 acres; phase 2, still undeveloped, includes 13 more acres, including 171,000 rentable square feet.

“The acquisition of Seagate Corporate Center is a unique opportunity for Rockefeller Group Development Corporation,” said Tom McCormick, SIOR, Senior  Vice President, Development, for Rockefeller Group Development Corporation.  “We originally were interested in acquiring the second, undeveloped phase of the project but when the opportunity arose to acquire both phases 1 and 2, we acted immediately.”            

The 26.5 acre Corporate Center is located on Rancho Del Oro Road and is accessible from both Rancho Del Oro Road and Corporate Center Drive in Oceanside. When all phases of construction are completed in 2009, Seagate Corporate Center will consist of office suites for lease as well as industrial condominiums and freestanding buildings. In addition, the development has the ability to accommodate office, industrial, R&D or corporate headquarters facilities on a build-to-suit basis.

“We believe strongly in the success of Seagate Corporate Center, as population and employment growth forecasts continue to be favorable, particularly in the North County region, where Seagate Corporate Center is located,” says McCormick.  “The San Diego industrial market is incredibly difficult to break into because developers realize how valuable San Diego’s diversified employment base is.  From companies specializing in wireless communications, biotechnology, medical device manufacturing, computer software, and other industries, San Diego County has become extremely economically diverse.”

As with Rockefeller Group Development Corporation’s August purchase of a 23-acre vacant site in Torrance, CA, this acquisition is part of The Rockefeller Group’s commitment to the California real estate market.

RGDC is a national owner, developer, and manager of prestigious commercial real estate properties.  Its development capabilities include corporate headquarters, landmark properties, multi-use urban complexes, multinational distribution facilities, suburban business parks, and foreign trade zones.  RGDC is an operating company of The Rockefeller Group, developer of Rockefeller Center in New York City and a subsidiary of Mitsubishi Estate Company, Ltd.

For more information, contact Sandra Manley or Brian Mahoney at (212) 282-2000.