By Bob Howard

Last updated: August 4, 2005 08:04am

LAKE FOREST, CA-Panasonic Avionics Corp. has signed a lease renewal for five years at a Wells REIT building at 26200 Enterprise Way. The company, formerly known as Matsushita Avionics, occupies the entire 145,000-sf building.

The Panasonic space is in a two-story building that was constructed as a build-to-suit for Matsushita by Wells in 2000. Panasonic, a leading supplier of in-flight entertainment and communication systems, is a subsidiary of Matsushita Electric Corp. of America.

Matsushita Avionics changed its name to Panasonic Avionics earlier this year as one of a number of Matsushita entities that switched to the Panasonic name because of the latter’s greater brand recognition. The previous Panasonic lease was due to expire in September.

Scott Brown, asset manager for Wells Real Estate Funds, represented Wells. Terms of the lease were not disclosed, but industry sources familiar with the South Orange County submarket estimate that the rate would likely range from $1.35 to $1.50 per sf per month, triple net.