Cushman & Wakefield Grows Portfolio by 30%
Colliers Seeley Will Market Regus Space; Shea Completes First Phase of City Lights
REAL ESTATE
by Daniel D. Williams
COMMERCIAL
The Southern California office of Cushman & Wakefield Inc. defied the slowing market last year, growing its management portfolio 30%. The Southern California division includes offices in Orange County, the Inland Empire, downtown Los Angeles, the Westside, as well as north and south Los Angeles County.
In OC, Cushman & Wakefield’s asset services team landed assignments with a 272,000-square-foot office building at 2020 Main in Irvine, a 363,000-square-foot industrial project in Santa Ana, and an 86,000-square-foot office building at 1500 Quail St. in Newport Beach.
In all, the Southern California office grew from 13 million to 17 million square feet under management.
“In a down market, with property owners no longer depending on rising rents, companies like Cushman & Wakefield are being sought out to add value with solid property management expertise” said Mary Marx, managing director of asset services for Southern California. “A focus on protecting revenue, reducing expenses and retaining tenants is especially critical in this market.”
Other major management additions include an assignment with Portland, Ore.-based real estate merchant banking firm ScanlanKemperBard Cos. to manage four properties totaling nearly 500,000 square feet.
Cushman & Wakefield also will manage the 517,000-square-foot 21st Century Plaza in Woodland Hills; the Sunset Millennium, a mixed-use development in Los Angeles with 115,000 square feet of office space and nearly 100,000 square feet of retail; and 5150 Pacific Coast Highway, a 115,000 square-foot office building in Long Beach.
Colliers to Market Regus Spaces
Colliers Seeley International Inc. has formed a marketing partnership with executive suite operator Regus PLC. The partnership centers on three Regus centers in Orange County.
Colliers Seeley plans to market class A space, including two spaces in the airport area and one in South County, according to Kathe Morgan, a senior marketing executive in the brokerage’s Irvine office. Regus centers in the OC area include the Plaza Tower I at 600 Anton Blvd. in Costa Mesa; 4695 MacArthur Court in Newport Beach; and Regus Irvine Spectrum at 8001 Irvine Center Drive.
Morgan and Oliver Fleener are set to head the marketing program for Regus. The Regus Centers offer workstations, meeting and conference rooms and common areas. The space comes furnished, equipped and staffed. Lease terms range from three months to five years or longer.
“Our alliance with Colliers Seeley presents Regus with an excellent opportunity to heighten awareness in the Orange County market of the long-term benefits of outsourced office space,” said Bob Gaudreau, executive vice president of Regus Business Centers.
RESIDENTIAL
Walnut-based Shea Properties has completed work on the $38 million first phase of its City Lights apartment project in Anaheim. The first phase includes five four-story buildings with 426 units, a five-level parking garage and a clubhouse. It is 60% pre-leased.
Construction on the four-building second phase began in December and has a completion date of April 2003. In all, the project is set to total $70 million in project costs and contain 793 units.
Wermers Multi-Family Corp. is handling construction on the project.
Bits and Pieces:
Coldwell Banker Residential has signed a lease to take 6,500 square feet of space for $1 million for its new residential brokerage office in Laguna Niguel. The company will relocate from Laguna Hills on May 15 to its new space at The Center at Rancho Niguel. Other tenants in the 373,619-square-foot retail center include Ralphs, Expo Design Center, Loehmann’s, Sav-On, Strouds and Mann Theatres. Mark Baziak and Bill Browne of Grubb & Ellis Co.’s Newport Beach office represented the landlord, Rancho Niguel II LLC of Laguna Niguel. Pam Lytle of Coldwell Banker represented her company Irvine-based The Busch Firm received the developer of the year nod from the Hilton Hotels Corp.’s Doubletree brand for its work on Doubletree Irvine and Doubletree Santa Ana Toymaker Bandai America Inc., has signed a lease to take a 323,660-square-foot warehouse and operations facility in Fontana. Bandai, part of Japan’s Bandai Co., agreed to a five-year deal for about $5.5 million. Patrick Remolacio of Colliers Seeley’s Orange County office and Peter McWilliams of Colliers’ Inland Empire office represented Bandai. Chuck Belden of Cushman & Wakefield represented the property owner, Adaya Asset Slover Avenue LP.
