Irvine Co. will soon be breaking ground to construct six new low-rise office buildings in Irvine Spectrum.
The firm announced its plans Monday, August 3, states Los Angeles Times, to complete the six office structures by 2016 to take advantage of the improving economy and low vacancy rates. Irvine Co. will construct a total of 528,000 square feet office structures near the intersection of the 5 and 405 freeways. The six building plan is testament to the developer's confidence in Orange County. Irvine Co. is reportedly pushing ahead with the office project without tenants lined up and despite the company's nearby 20-story office tower currently in construction. Once complete, the 20-story office tower will be Orange County's tallest building.
The LA Times report also mentioned the company's need to further expand their office real estate portfolio in the area. According to Doug Holte, president of Irvine Co. Office Properties, the company's Orange county office portfolio, consisting of 25 million square feet, is 96 percent leased and running out of space. This reportedly prevented them from accommodating the potential office expansion needs of current tenants. Holte added, "There is more durable and diverse demand from businesses than we have seen in the last five years. We are effectively at full occupancy."
According to the Orange County Register, Irvine Co. plans to construct four three story buildings at the Discovery Business Center, located at Irvine Center Drive and Sand Canyon Avenue. The combined space of the four buildings will be 317,000 square feet. Meanwhile, the remaining two structures will be constructed at the Sand Canyon Business Center. The two buildings are located half a mile away from the first four office structures and will feature four story buildings. The total space for the two buildings will be 211,000 square feet.
The construction for the six low rise office project is set to begin early next year. The project is expected to be finished by 2017.
