In an all cash deal, QLogic Corp. has purchased its 156,000-square-foot corporate headquarters as well as space for another building in Aliso Viejo for roughly $33 million from Parker Properties.
The maker of equipment for data storage networks has plans to build another 46,000-square-foot facility next to its new corporate headquarters at The Summit Office Campus, a 1.7-million-square foot project off of the San Joaquin Hills Transportation Corridor.
News of the purchase, a bullish sign from the company, has come amid bearish news on Wall Street: QLogic recently has suffered as a result of Wall Street’s disfavor with technology stocks in general and QLogic specifically because of its pending buyout of Ancor Communications Inc.
QLogic’s purchase of its 12-acre office complex was not unexpected. One of Orange County’s high-flying tech companies, QLogic relocated from an 85,000-square-foot space in Costa Mesa late last year to one of the buildings it now occupies at The Summit. During lease negotiations with QLogic, which also was eyeing space in Foothill Ranch, Parker Properties agreed to insert a right-to-purchase clause. Earlier this year, the company moved into two additional buildings at the site.
“It was a pre-negotiated deal with the tenant,” said Todd Burnight, a principal in charge of leasing with Parker Properties. “It was part of the original negotiations with them and one of the reasons we originally landed the deal.”
Initially, Parker Properties was moving forward to speculatively develop the four-building complex totaling roughly 200,000 square feet. As a result, most of the entitlements were in place when the deal with QLogic was being negotiated. With a little modification,adding a connector between two of the buildings,Parker Properties was able to satisfy QLogic’s requirements.
“One building hasn’t been built yet,” Burnight said. “That is their expansion building.”
No timeline has been set for construction of the fourth building, he added.
Ted Snell, Carol Trapani and Tyler Mattox of CB Commercial represented Parker Properties in the deal, while fellow CB Commercial brokers Wayne Lamb, Jeff Shepar and Dave Desper represented QLogic. n
