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Summit Oaks, A 144,000-Square-Foot Class A Office Property In Valencia, Calif. Has Completed Construction; Features Sustainable Design


VALENCIA, CALIF. (August 12, 2008) – Summit Oaks, a Class A office property located in the master planned community of Valencia, has recently completed construction. The project was developed through a partnership between Parker Properties and RREEF Alternative Investments.  Snyder Langston was the general contractor for Summit Oaks, a five-story building totaling 144,000 square feet. The project features sustainable design, targeting a silver Leadership in Energy and Environmental Design (LEED) rating. When certified, Summit Oaks will be one of only a few speculative LEED office buildings in Los Angeles County.

Located at 28515 Westinghouse Place in Santa Clarita, Calif. (within the community of Valencia), Summit Oaks offers immediate access to Interstate 5 and Highway 126, and is just 30 miles north of Downtown Los Angeles. Summit Oaks, which is valued at approximately $45 million, began construction in May 2007.

“Parker Properties and RREEF are pleased to deliver Summit Oaks to the amenity-rich community of Valencia,” said Lee Redmond, CEO of Parker Properties. “We teamed once again with builder, Snyder Langston, to bring an office environment that provides a highly functional, attractive and environmentally conscious workplace. We are committed to creating work environments with features that help our tenants attract and retain the best and brightest employees.” 

With Summit Oaks, companies have the opportunity to elevate their corporate identity in a first-class property that is also the area’s most visible office building from Interstate 5.  The project includes sustainable, or “green” features, targeting a silver rating of LEED certification. LEED is a system that provides independent, third-party verification that a building meets the highest green building and performance measures by the U.S. Green Building Council. Sustainable development significantly reduces the negative impact of buildings on the environment. By decreasing or removing the negative impacts, lives are enhanced for the occupants in these environments.

Summit Oaks incorporates numerous sustainable features, including but not limited to: certified cool roofing system; on-site storm water drainage filtration system to manage storm water runoff; water efficient, drought tolerant landscaping; eco-friendly HVAC and refrigerant equipment; recycled structural steel used in building structure; indoor environmental quality strategies, such as carbon dioxide monitoring systems, the use of low emitting materials, exhaust ventilation at chemical storage closets, and beyond standard air handler filters; and green housekeeping and site maintenance programs will be implemented by Parker Properties and RREEF to assure future low impact environmental cleaning policies. Additionally, tenants will be provided with tenant improvement design and construction guidelines to assist in the adoption of green tenant improvements.

Doug Marlow, executive vice president, and David Solomon, senior vice president, of CB Richard Ellis are responsible for leasing Summit Oaks. Ware Malcomb is the architect for Summit Oaks.

“This project is demonstrative of a lasting relationship between Snyder Langston, Parker Properties and RREEF, as we have teamed in the past to create other quality developments,” said Alan Wardin, project executive with Snyder Langston.  “Most recently we completed a nine-story 246,000-square-foot build-to-suit office tower for Pacific Life Insurance Company’s Life Insurance Division at Summit Office Campus.” Summit Office Campus is a premier mixed-use office environment in Aliso Viejo, Calif. that is developed and owned by Parker Properties and RREEF.  
Summit Oaks is in a prime location at the entrance to Valencia Gateway, Los Angeles County’s largest and most desirable master-planned development for business, technology and industry.  Valencia Gateway encompasses more than 5,000 acres, 23 million square feet, 1,430 companies and 45,000 employees.  Summit Oaks is also positioned at the entry of Newhall Ranch, a master-planned community development project that will ultimately include 21,000 homes. Within a 45-minute commute, Summit Oaks is accessible to a population of 3.3 million and a labor base of 1.85 million people.

In addition to the property’s premium location, Summit Oaks features an exceptional office environment on 4.29 acres with interiors that include flexible, 28,000-square-foot floor plates, first-class common areas, an elegantly finished ground floor lobby with two-story atrium, plentiful light and natural finishes.  The outdoor environment includes outdoor “people places,” lush, mature landscaping, water features and a three-level parking structure which offers covered parking.

Summit Oaks is adjacent to Courtyard by Marriott and Embassy Suites and is just minutes from a large amount of retail, dining, entertainment and recreation amenities including Valencia Town Center Regional Mall, Valencia Marketplace, Valencia Crossroads, four golf clubs, community parks and The Paseo Club - a tennis, swim and fitness facility – to name a few. 

Companies who have already relocated or expanded at Valencia Gateway include Warner Bros., Princess Cruises, Kaiser Permanente, KPMG Future Media, ITT, Pharmavite, Qiagen, Inc., Remo, Inc., Specialty Labs, Inc., Merrill Lynch, Northwestern Mutual and Specialty Laboratories, among others.

About Parker Properties
Parker Properties is a commercial real estate firm dedicated to developing high-quality, tenant-oriented work environments. The firm specializes in campus developments in master planned communities. Based in Aliso Viejo, California, the company was formed in 1976 in response to the challenges of a changing marketplace and has succeeded in meeting tenant demands and needs for flexibility within campus settings. Parker Properties is comprised of specialists in development, construction management, asset management, property management and real estate finance who combined, have developed and acquired more than seven million square feet of office, industrial and retail projects throughout California over last 30 years. In addition to Summit Oaks, Parker's current efforts include the development of the seven-phase, 1.8 million-square-foot Summit Office Campus in Aliso Viejo the buildings within this campus offer sustainable features and several will be LEED certified.  www.parkerprop.com.

About RREEF Alternative Investments
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.  Headquartered in New York, RREEF Alternative Investments employs more than 1,400 investment professionals in 17 cities around the world to help investors meet a wide range of objectives – from diversification, to preservation of capital, to long-term performance.   Named one of the world’s largest alternative investments managers in Global Investor/Watson Wyatt’s Alternative Survey, June 2008, RREEF has €55.6/$88.1 billion in assets under management worldwide as of 31 March 2008. www.RREEF.com.

About Snyder Langston
Snyder Langston is one of the largest, most trusted builders in California. Headquartered in Irvine, Snyder Langston’s business consists of seven operating groups that focus on the office, industrial, retail, institutional, high-density/mixed-use residential, automotive and hospitality sectors.  The firm has found success in this company structure, which allows it to provide trusted advisory services as well as the successful and timely delivery of client projects. Among Snyder Langston’s noteworthy projects in Los Angeles County are the Los Angeles Air Force Base Space and Missile Systems headquarters in El Segundo; LNR Warner Center in Woodland Hills; Marvin Braude Constituent Services Center in Van Nuys; and The Midnight Mission in Los Angeles. In Orange County, its recently completed projects include Tiger Woods Learning Center in Anaheim, the Irvine Spectrum Center and 2211 Michelson in Irvine and The Pacific Club in Newport Beach. Visit Snyder Langston online at www.snyderlangston.com.

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