PALM SPRINGS, Calif., Nov. 27 /PRNewswire/ — When the shovel hits the dirt at 265 North El Cielo in Palm Springs on November 29th, The Abbey Company hits two milestones: breaking ground on their first ground-up construction office building in Palm Springs; and announcing gross commercial asset value of over one billion dollars in California.
“We’re in this uniquely positive position today,” said Don Abbey, founder and CEO. “Despite market trends in the other direction, the Abbey Company is expanding our portfolio and growing our business at a very ambitious pace. We targeted Palm Springs for our first 2008 ground-up project because we believe in the market.”
The new building already enjoys an interesting history. In the 70’s, three office buildings were envisioned by Palm Springs architect Frank Urrutia, to grace a prime piece of land directly across from Palm Springs International Airport. Two of those buildings were completed, at 255 and 275 North El Cielo. The third site remained a vacant lot. Traditionally known as a renovator, The Abbey Company purchased the two buildings and the lot and gave Urrutia the opportunity to fulfill his original vision as the architect for the ground-up construction of building three.
265 North El Cielo is now available for lease, with a target for completing construction by late 2008. The two existing Abbey buildings on El Cielo house professional and medical tenants such as Desert Oasis Healthcare, the first full-service medical facility and largest independent practice association in the Coachella Valley.
With six buildings in Palm Springs, including 340, 400 and 490 Farrell Drive, and 53 commercial properties statewide, encompassing over 5 million square feet and housing approximately 1,200 tenants, Don Abbey's management philosophy has proven successful. Since the purchase of his first building for $150,000 seventeen years ago, each Abbey building has been managed by local property and leasing managers who provide on-site services that tenants appreciate. Don Abbey's own background holds a fascinating story. After graduating Penn State where he was a starting fullback under legendary coach Joe Paterno, Abbey was drafted by the Dallas Cowboys. In 1976 he entered the real estate business and in 1990 bought his first building. In 2006, he donated $3.5 million for restoration of the Beta Theta Pi chapter at his alma mater and founded the Abbey Leadership Foundation there.
SOURCE The Abbey Company
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