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Recent Deals Bring Latest Phase at Summit to 94% Occupied

In leasing activity news out of Aliso Viejo, Summit's 20 and 30 Enterprise are now at 94 percent occupied thanks to a number of signings over the last six months. The transactions have included six leases totaling 140.6k sf 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 msf mixed-use office campus featuring 11 low-to mid-rise office buildings. The state-of-the-art complex is a development of Parker Properties in partnership with RREEF Alternative Investments.

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 20 and 30 Enterprise, a 250.8k sf phase at Summit that encompasses two four-story buildings at 116k sf and 134.7k sf.

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.

Here's some additional information about the recent transactions at the two buildings:

At 30 Enterprise, existing tenant, Marvell Semiconductor Inc, a Santa Clara-based abless semiconductor company, expanded into a total of 37k sf of space in a five-year lease. The move represented a 15k sf expansion for Marvell. The firm joined another existing tenant at the building, 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 24.6k sf to a total of 60.6k sf 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.

At 20 Enterprise, UST Global, a leading provider of end-to-end IT services and solutions for Global 1000 companies, moved into 30.1k sf 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 29.8k sf 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 26k sf of space in a five-year lease. Johnny Rockets, an international restaurant chain, located into 11.3k sf 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 6.4k sf of space in a five-year lease.

This latest phase at Summit boasts 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 65k sf world-class fitness facility, 5.5k sf of flexible meeting space and a restaurant and lounge.

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