Back during a February conference call, Robert Maguire, the always quotable chief executive of Maguire Properties Inc., made a brash prediction about 3161 Michelson, his company’s new 20-story tower in Irvine.
“It will be the trophy building in Orange County, for sure,” Maguire said at the time.
Now that the doors to the 531,000-square-foot property have opened, others are coming around to his way of thinking.
Several tenant brokers I’ve spoken with say the building at Maguire’s Park Place campus is likely to rival Costa Mesa’s Plaza Tower as the county’s premier office building,even if initial leasing there has been slow.
The larger-than-normal floor plates,30% larger than most airport area office towers,are likely to be a big draw for some tenants, as well as its location just off the San Diego (I-405) Freeway, the brokers said.
I took a tour of the estimated $244 million building last month with William Flaherty, senior vice president of marketing for Maguire. It’s a striking building, from the huge lobby to the shared outdoor deck on the top floor that’s likely to be a popular site for business events.
|
|
3161 Michelson: tenant brokers praising building, despite slow leasing |
Flaherty said interest from prospective tenants,primarily local professional services firms,remains strong, though the slow pace of leasing mirrors what’s happening with other towers going up in the area.
Right now, the building’s about a quarter full. Driving past the building at night, only a few floors of the tower are lit.
Flaherty said Maguire is thinking about tweaking some of the new building’s interiors to make the office space look a little warmer,similar to an overhaul Bosa Development Corp. made to the lobby of his condos next door shortly after opening.
More Maguire
Two more local office towers owned by Maguire Properties are up for sale.
Griffin Towers, twin 14-story buildings in Santa Ana’s South Coast Metro area, were recently listed for sale by Los Angeles-based Maguire. The landlord bought the properties earlier this year from Blackstone Group LP, in its $2.9 billion buy of buildings formerly owned by Equity Office Properties Trust Inc.
The buildings, near the intersection of the 405 and Costa Mesa (55) freeways, total 543,000 square feet. Based on other area sales, the properties are likely to fetch close to $200 million.
The Southern California capital markets group of Cushman & Wakefield Inc. has been retained by Maguire to sell the two towers. Cushman officials say in-place rents at Griffin Towers are 30% below market, while the properties are about 87% leased. Tenants include Corinthian Colleges Inc. and Verizon Communications Inc.’s MCI, as well as several law firms and accounting firms.
VW Doctor Moves HQ
Autotech Sport Tuning Corp., a company that specializes in performance racing car aftermarket parts for Volkswagens, has a new headquarters.
The company’s president, Dr. Ronald E. Moser, just bought a 13,680-square-foot building in Aliso Viejo with office and warehouse space for $2.9 million.
Autotech will be moving from San Juan Capistrano to the building, at 29 Journey, which previously was occupied by Abracon Electronics. It will use the new location for warehousing, assembly, research and development.
Moser also heads up AesthetiCare Medical Corp., a cosmetic surgery company that has offices in San Juan Capistrano and Newport Beach.
Jeff Carr and Keith Black of CB Richard Ellis Group Inc.’s Newport Beach office represented Moser and the property’s seller, 29 Journey Windell LLC.
Lee Exec Duties Expand
One of Lee & Associates Commercial Real Estate Services’ top investment brokers has a new job.
Mike Meisenbach, most recently the senior vice president at Lee & Associates’ Newport Beach office, joined the company’s North San Diego office as a principal.
Meisenbach specializes in the sale of office investment properties and business parks, primarily in Orange County. He’ll be tasked with expanding the practice into San Diego and the Inland Empire.
He joined Lee & Associates in 1994, and founded the company’s Newport office’s investment division. He’ll still keep an office in Newport Beach.
