20 and 30 Enterprise at Summit Office Campus Reaches 94% Occupancy With Six Recent Leases
ALISO VIEJO, CA – August 31, 2011 – (RealEstateRama) — Summit’s 20 and 30 Enterprise are now at 94 percent occupied according to the development and management team of Parker Properties, and its partner, RREEF Alternative Investments. Over the last six months, there have been six leases signed totaling 140,596 square feet with Marvell Semiconductor, Inc., UST Global, Inc., AVANIR Pharmaceuticals, Inc., Telogis, Inc., Johnny Rockets Group, Inc., and Benefits Resource, LLC. The 20 and 30 Enterprise buildings, which have obtained LEED Silver certification, are the latest buildings constructed in the Summit Office Campus in Aliso Viejo, a 1.7 million square foot mixed-use office campus featuring 11 low-to mid-rise office buildings.
The CB Richard Ellis leasing team of Ted Snell, Carol Trapani, Jake Stickel and Allison Schneider, represented Parker Properties and RREEF on all of the new and /or expanding lease transactions at the 250,803-square-foot phase encompassing two four-story buildings at 116,077 square feet and 134,726 square feet each.
The strong performance comes at a challenging time in the office leasing market. While the County is showing some stability in its overall office market, at second quarter 2011 the south Orange County submarket had posted a 15.3 percent vacancy rate, according to CB Richard Ellis market reports.
“The vision for Summit was based on attracting industry-leading companies that want a great workplace at an amenity-rich location to attract and retain their best and brightest workforce. The caliber of firms in technology, pharmaceuticals, medical devices and ophthalmology that are now looking to Summit for corporate headquarters and regional offices is a direct reflection of the quality of both this campus and the local community of Aliso Viejo,” said Russ Parker of Parker Properties.
Existing tenant, Marvell Semiconductor, Inc., a Santa Clara-based leading fabless semiconductor company, expanded into a total of 37,047 square feet of space in a five-year lease at 30 Enterprise. The move represented a 14,961-square-foot expansion for Marvell. The firm joined another existing tenant Bausch + Lomb, one of the best-known and most respected healthcare companies in the world. At the end of 2010, Bausch + Lomb had expanded from 24,628 square feet to a total of 60,583 square feet in 30 Enterprise when the firm chose to consolidate its national surgical group into the Aliso Viejo location. The firm also achieved LEED Tenant Improvement Gold Certification.
According to Marvell executives, the Marvell Semiconductor global real estate and local management team continues to be extremely pleased with the quality and operation of the Summit property, adding that the recent lease renewal and expansion at Summit Office Campus is an integral component to Marvell’s long-term business strategy.
At 20 Enterprise, UST Global, a leading provider of end-to-end IT services and solutions for Global 1000 companies, moved into 30,136 square feet of space in a five-year lease. AVANIR Pharmaceuticals, Inc., a biopharmaceutical company focused on acquiring, developing, and commercializing novel therapeutic products for the treatment of central nervous system disorders, also signed a five-year lease for 29,790 square feet of space. Telogis, dedicated to enhancing the value of its customers’ businesses through intelligent integration of location technology, information and services, is now headquartered in 25,967 square feet of space in a five-year lease. Johnny Rockets, an international restaurant chain, located into 11,303 square feet of space for a total of five years and will use the space as its corporate headquarters. Benefits Resource, providing creative and cost-effective benefits design for companies, relocated from Laguna Beach into 6,353 square feet of space in a fi ve-year lease.
“When you analyze the submarket, you’ll find that 20 and 30 Enterprise have done the most leasing in Aliso Viejo. It’s all driven by the area’s vibrant food, retail and hospitality amenities, along with a superb location. It’s amazing to see the growth of technology, pharmaceutical and ophthalmology clusters at Summit. A first-class atmosphere attracts first-class companies,” added Ted Snell of CBRE.
This latest edition of office clusters at Summit features three water features, including a 40-foot illuminated, waterwall and is just steps from the Renaissance ClubSport, a unique boutique-style hotel and sports and fitness resort offering 174 guest rooms, a 65,000 square foot world-class fitness facility, 5,500 square feet of flexible meeting space and a restaurant and lounge.
About Parker Properties
Parker Properties is a commercial real estate firm dedicated to developing high-quality, tenant-oriented work environments. The firm specializes in multi use campus developments in master planned communities. The company was formed in 1976 in response to meeting the changing tenant demands and community commercial development challenges and opportunities in Southern California. The company provides development, construction, and asset management services to real estate investors, both individual and institutional.
About RREEF
RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank’s Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. RREEF Real Estate acquires and manages investments in commercial and residential property, and real estate securities on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments as well as investments in publicly traded real estate securities. RREEF Real Estate has more than $76.1 billion in assets under management worldwide.
