Broadcom Corp.’s negotiations with the city of Tustin over a possible new office headquarters for the chipmaker haven’t been publicly detailed, but some related filings offer a glimpse into the project’s scope.
The Business Journal reported in January that Irvine-based Broadcom had been in discussions with Tustin city officials over buying a sizeable portion of land at the city’s 820-acre former Marine helicopter base.
Filings with the city last month show Tustin officials remain in discussion with Broadcom over a possible new multibuilding office campus at Tustin Legacy.
Real estate watchers expect the development would need to run close to 1 million square feet to accommodate the technology giant.
Broadcom currently leases close to 900,000 square feet of space in University Park, a business park next to the University of California, Irvine, that runs along the San Joaquin Hills (73) Toll Road. The company still has nearly five years left on a lease for those buildings.
The negotiations between the city and Broadcom have been taking place in closed sessions, with few details provided about the status of the talks. It’s not known how much progress has been made in negotiations over the past few months or if a deal is any closer.
Here’s what is known: Last month’s negotiations involved “price and terms of payment” for a multitude of parcels of land near the western edge of the former base, according to city documents.
A reading of city tract maps also gives a little more detail on the location and size of the land Broadcom’s considering buying. Documents show land in question largely runs along Red Hill Avenue and Barranca Parkway and would extend along an extension of Armstrong Avenue that’s planned for the former base.
Parcels under negotiation total more than 70 acres, according to the documents, which show brokers with the Irvine office of Cushman & Wakefield Inc. representing Broadcom. A project of the size being proposed would—if it goes ahead—represent the largest office development in Orange County since Broadcom’s current campus in University Research Park opened its doors in 2007.
Exec Moves
Two former executives of Santa Ana-based brokerage Grubb & Ellis Co. have moved on to new positions following the company’s bankruptcy-driven sale to New York-based BGC Partners Inc. last month.
Grubb’s chief executive, Thomas D’Arcy, joined New York-based American Realty Capital Healthcare Trust Inc. as chief executive of the non-traded real estate investment trust, which has raised more than $130 million from investors over the past year.
The appointment was announced late last month, about a week after D’Arcy had his contract terminated at Grubb & Ellis, according to court filings.
Grubb’s operations are being combined with those of fellow BGC-owned brokerage Newmark Knight Frank, under the Newmark Grubb Knight Frank name.
Barry Gosin, previously chief executive of Newmark Knight Frank, is the new chief executive of recently combined companies.
Also getting a new position is Jack Van Berkel, previously the chief operating officer at Grubb & Ellis.
He joined Christenson Advisors, a Chicago-based real estate consultancy that started operations in 2008, as a partner and managing principal.
Van Berkel will be working out of the company’s Newport Beach office, and is charged with building Christenson’s brand as a full-service real estate consulting company, according to the company.
Pumped Up
Bob Voit, founder and chief executive of Newport Beach-based commercial brokerage Voit Real Estate Services Inc. and one of the area’s better-known developers, has added a new title to his resume: gym operator.
Voit is a partner in CORE F.I.T. Center, a new fitness center that opened up this year on 18th Street in Costa Mesa.
Along with weights, the center offers pilates, yoga, massage therapy, physical therapy, sports specific training and life coaching, according to the gym’s marketing materials. In addition to serving adults, the center also offers educational tutoring for students.
Chief Executive John Carrido, a motivational speaker and author, is the center’s other partner.
