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Saturday, Jan 28, 2023

OCVibe: New Tech Office Hub in Anaheim

Official Report Strong Initial Tenant Feedback

Pre-leasing efforts for the office component of the massive OCVibe mixed-use project in Anaheim have been strong, well before the project is due to break ground, say officials overseeing the development.

“We did not expect the response we’ve gotten for the office portion,” OCVibe Senior Director of Entitlement Brian Myers told the Business Journal. “It has been our most successful [product type] in terms of tenant feedback.”

Project officials, which also include CEO Bill Foltz and lead master planner Dan Young, decided to exclusively market the project to technology tenants, with the goal of turning Anaheim’s Platinum Triangle into Orange County’s newest tech hub.

“Anaheim hasn’t historically been considered a tech location, but we’re looking to change that,” Young said.

First in Decades

There is expected to be 1.1 million square feet of office space—up from the original proposal of 800,000 square feet—included in the redevelopment of the roughly 100-acre site surrounding the Honda Center.

That’s slightly larger than Irvine’s Spectrum Terrace, one of the largest new office projects built in OC in recent years.

About 150,000 square feet of office at OCVibe will be built in the first phase of the project, expected to deliver by 2025.

“We expect the first phase of the office building to be 100% leased before it delivers,” Young said.

Rents will be “competitive” with those seen in the new office campuses in Irvine, like Irvine Co.’s Spectrum Terrace, which has attracted notable technology tenants of its own. Apple, Alteryx and Amazon have all inked full-building leases at the 1-million-square- foot campus.

Young notes that there hasn’t been new, Class A office space built for lease in Anaheim in 35 years, bolstering demand from employers.

“We’ve seen very strong interest in the project,” said Young, a former Irvine Co. exec. “While the ultimate tenant makeup may include companies other than technology firms, we are focusing all of our marketing efforts on tech tenants.”

The offices will employ 5,000 people, officials expect.

Amenity Focus

There has been a flight to amenities within the office market in the wake of the pandemic, Young notes.

“Amenitized buildings will win in this office market. You can have a beautiful building, but without amenities it will struggle in attracting tenants,” he said.

OCVibe aims to achieve this by creating a “dynamic, walkable” alternative-urban environment with plenty of restaurant and entertainment venues to keep employees, residents and visitors busy throughout the day and night.

A two-story food hall with dozens of tenants will be located at the base of the first phase creative office, which will total about 225,000 square feet.

Future phases will include a six-story, 325,000-square-foot office tower and the renovation of the existing 400,000-square-foot Arena Corporate Center office park centered around a large wellness park. A mixed-use building next to the arena that will also include office, entertainment and restaurant components.

For more on the $4 billion OCVibe’s plans, see the front page. n

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