Trammell Crow Co. is eyeing a vacant land site it just bought near John Wayne Airport for a major office campus.
The Dallas-based developer recently closed on the purchase of 7.5 acres along Jamboree Road, north of Dupont Drive.
The site, a half mile south of the San Diego (405) Freeway and a block from the Irvine campus of Allergan Inc., has entitlements for an office project that could run nearly 550,000 square feet.
Fast Track?
The new owners appear to be putting an office project on the fast track following its purchase.
Recently installed signs at the property say the new development—dubbed The Boardwalk—could open by the summer of 2017.
Construction would likely need to begin by the end of this year in order for that deadline to be met.
Officials with Trammell Crow declined comment on the proposed project last week.
Real estate sources who have seen the developer’s renderings say the project will be a multibuilding campus with a total square footage close to the maximum allowed under current entitlements.
The Michelson
A project totaling 550,000 square feet would be roughly the same size as The Michelson, the 20-story tower at the nearby Park Place mixed-use campus.
The Michelson was the largest office built during the last major round of office development in Orange County.
It’s believed that at least a portion of the anticipated Trammell Crow office campus would be built on a speculative basis. That could put it among largest new spec office developments to move ahead in the airport area office market (see related Commercial Real Estate Special Report, page 17).
The site of the proposed campus is on the opposite side of Dupont Drive from the Jamboree Promenade Shopping Center. The land previously held an industrial building, which was razed several years ago.
Trammell Crow bought the land from General Investment Funds Real Estate Holding Co. in Chevy Chase, Md.
The deal closed in April, according to Tim Strader Jr., president of Starpointe Ventures, an Irvine-based entitlement consultant and brokerage who marketed the land for the seller.
Terms of the sale were not immediately disclosed.
Other Project
The Trammell Crow development site sits next to another vacant parcel that’s controlled by Houston-based Hines Interest LP, which has plans for its own multibuilding office project, called California Green.
A timeline for the California Green project, which has been on the books for several years, has not been disclosed.
The land deal is the first reported purchase in Orange County involving Trammell Crow in several years.
The company was rumored earlier this year to be among the final candidates vying to take over operation of the Cornerstone office development at Tustin Legacy.
The city of Tustin is now expected to select Lincoln Property Co. for that multibuilding campus, which will emphasize creative-office features.
Trammell Crow was acquired by Los Angeles-based CBRE Group Inc. in 2006 and operates as a subsidiary of the real estate brokerage.
CBRE brokers are handling leasing for the Irvine campus, according to a sign at the site.
