Hines Interests LP just finished completion of the first office tower seen in Irvine in nearly a decade. Now comes the busy part.
The Houston-based developer is priming itself for a much larger presence in Orange County. Major projects are on tap in Irvine and Anaheim.
Hines and partner Archstone-Smith Trust of Englewood, Colo., last month were selected by the city of Anaheim to develop 53 acres of land next to Angel Stadium of Anaheim.
Offices, one or two hotels and about 1,000 apartments are tentatively planned for the site, which was the last unclaimed parcel of developable land in the city’s Platinum Triangle.
In Irvine, Hines is in the early stages of getting city approval for nearly 700,000 square feet of campus-style, environmentally-friendly mid-rise office space along Jamboree Road.
When Hines entered the local market in late 2005, it set an internal goal to own or develop $1 billion worth of buildings in the county within three years,an “admittedly ambitious” figure, said Douglas Holte, director of OC and San Diego operations for the company.
The developer could soon exceed that figure with the deals on tap. Company executives aren’t fazed.
“We’re not afraid of big numbers,” said Jeffrey Hines, president and co-owner.
The company, known best for high-rises in the U.S. and overseas, currently owns real estate totaling $14 billion.
Hines and partner Crescent Real Estate Equities Co. of Fort Worth, Texas, unveiled their 2211 Michelson tower late last month. The 12-story building, which took 16 months to build, is about a third leased.
Recent leases signed at the building include investment firm Macquarie Bank Ltd. and tenant brokerage Orion Property Partners.
2211 Michelson “was a good entry point (in OC) for us,a great initial project,” said Hines, who was in town for the building’s opening.
“What drew us here to Orange County was the diversified economy,” he said. “The jobs that are here are good ones and (the businesses) here are growing.”
For more on this story, see the June 11 of the Business Journal.
