The Irvine office of Dallas-based Trammell Crow Co. has broken ground on a six-story Class A office building in the Park Place office campus, the first of a new phase of development at the former Fluor Corp. headquarters site.
Plans have Trammell Crow developing 2.2 million square feet of office, retail and residential space on 90 acres at the site over the next 15 years. The new phase will completely surround the existing Park Place office campus.
The company has set a completion date of September 2002 for the $37.5 million, 148,346-square-foot structure now under way. The new building at the southeast corner of Jamboree Road and the San Diego (405) Freeway will have high visibility,that is, until Trammell Crow develops the next building, a 15-story high-rise set to begin construction in late 2002.
“Trammell Crow will begin formalizing plans on the next building once (the six-story structure) is 50% leased,” said Dave Kinney of the Irvine office of Cushman & Wakefield. “We believe that will be by the second quarter of next year.”
Kinney, along with Mike Dorsey, also of Cushman, is marketing the project. The Tynan Group of Santa Barbara is handling the project management, while Irvine-based Langdon Wilson is the architect. The Newport Beach office of St. Louis-Mo.-based McCarthy Building Cos. is the project’s general contractor.
To develop the six-story building, Trammell Crow is breaking up a surface parking lot next to Houston’s restaurant.
“There’s already a 779-space parking structure that will serve the tenants,” said Kinney.
The spec project already has garnered interest, according to Kinney.
“We have one proposal out for three full floors,” Kinney said.
So far, interested tenants are in the financial and business services sectors, but there’s one business sector you won’t see in the new development.
“No tech! And no dot-coms!” Mike Dorsey said.
The contemporary-style building will have 23,000-square-foot floor plates. Park-like landscaping will surround the building, which will incorporate feng shui concepts.
Other amenities at Park Place in addition to Houston’s include the 10-screen Edwards Park Place cinema, a Sport Chalet, a Mother’s Market & Kitchen and several other restaurants and stores. Adjacent to the office-retail center is a 32-hole putting course.
Park Place,the former Fluor Corp. headquarters,encompasses eight buildings and 1.8 million square feet of office space. Existing office buildings include a 10-story tower, six four-story atrium buildings, and a single-story 300,000-square-foot concourse building. Its major tenants are ConAgra, HomeBase and Caltrans.
Plans for the new phase include six new office towers and 360 residential units in two 15-story towers. Other planned additions are a heliport, a health club, a nightclub, a car wash/fueling station and a child-care center.
Upon completion of the next phase, Park Place will total more than 4 million square feet of office, retail and residential space valued at more than $1.0 billion, according to Kinney.
Trammell Crow once owned the entire complex, but sold the developed section in the ’80s to an affiliate of Winthrop Management. Jamboree LLC now owns the developed property. n
