The Irvine Company is planning two more office towers in Irvine, this time in University Research Park.
The company has filed plans with the city to build two 12-story towers on Academy Drive at the research park, next to the University of California, Irvine. The buildings would total about 511,000 square feet.
The buildings would be the tallest in the 185-acre research park, which is dominated by low-rise office space typically favored by technology companies.
Separately, the Irvine Co., which co-owns the research park along with UC Irvine, is building a 700,000-square-foot campus there for Broadcom Corp.
That project, which is nearing completion, is spread among eight buildings.
No time frame has been determined for when construction would begin on the office towers, according to Jennifer Hieger, senior director of media relations for the Irvine Co.
Real estate sources tell the Business Journal that construction for the project could be on a fast track. Steel for the buildings already has been ordered, they say.
No tenants are likely to be signed for the project prior to construction. With the research park nearly full and expansion under way at UCI, demand for office space at the buildings should be strong, Hieger said.
University Research Park is expected to hold about 2.7 million square feet of office space when it’s built out. It is home to about 44 businesses and more than 4,000 employees.
Larger tenants include Time Warner Inc.’s America Online, Cisco-Linksys LLC and Skyworks Solutions Inc.
News of the towers is the latest sign of Irvine Co.’s bullish view of the local office market.
Orange County’s office vacancy rate now stands at about 6.3%, and average rents are at $2.44 per square foot, according to Transwestern Commercial Services.
The Irvine Co., OC’s largest landlord, now has 76 floors of high-rise office space either planned or under development locally.
Construction began earlier this year on three towers, the company’s first office high-rises in more than 15 years.
The company is well under way on 20-40 Pacifica, twin 15-story towers next to Irvine Spectrum Center.
Another tower at the company’s recently acquired Irvine Center Towers complex near John Wayne Airport also is under construction.
A 12-story office building is planned at Jamboree Center nearby in Irvine.
