Office-campus operator TechSpace Inc. is adding a second Orange County location to its growing portfolio.
The Aliso Viejo-based company, a landlord that offers flexible lease terms and ready-to-use technology for smaller businesses, will be expanding next year with a location across the street from the South Coast Plaza shopping center in Costa Mesa. The company recently signed up to take 30,000 square feet at 3420 Bristol Street, a five-story office at the corner of Bristol and Sunflower Avenue, and better known as the California Bank & Trust Building.
TechSpace will be occupying parts of three floors at the 66,835-square foot building, which is owned and run by locally based C.J. Segerstrom & Sons.
Terms of the 11-year lease weren’t disclosed. The site, which will be called TechSpace Costa Mesa, is scheduled to open next summer, TechSpace chief executive Vic Memenas said.
The building, which is almost 40 years old, will be getting its interior remodeled prior to the company moving in, Memenas said.
The Costa Mesa office is the company’s sixth. It joins other locations in Los Angeles and New York City, as well as TechSpace’s Aliso Viejo headquarters, an 85,000 square foot space at the Summit Office campus that’s about 93% full.
The company’s total portfolio now totals about 215,000 square feet.
Ongoing uncertainty in the economy and OC’s entrepreneurial environment make the flexible office space model a good fit for Costa Mesa, said Memenas, who took over the chief executive’s role at the TechSpace from James “Watty” Watson a few months ago. Watson remains chairman of the TechSpace board.
“It’s a great alternative to traditional commercial office space,” Memenas said.
Typical TechSpace tenants employ 10 to 20 people, and many have lease terms that run as short as six months.
Space at TechSpace buildings includes interconnecting and scalable offices, high-tech conference rooms, and a number of on-site technology services, among other and business services. Offices can be expanded or downsized in a matter of days.
TechSpace co-founder Watson, who stepped back from the company to devote more time to another Aliso Viejo-based real estate company, CT Realty Investors Inc., continues to make news.
CT Realty recently signed two tenants that account for about half of a 386,000-square-foot industrial building in Ontario that the company bought in April for about $17 million.
The combined value of the two five-year leases, made with Pacific Urethane LLC and Precision Foam LLC at 1671 Champagne Avenue, is about $4 million
La Jolla Sale
Irvine-based hotel investor Pacific Hospitality Group LLC has bought a recently-built hotel in La Jolla.
The company recently announced the purchase of the Estancia La Jolla Hotel & Spa, a 210-room hotel on Torrey Pines Road next to the campus of the University of California San Diego.
Terms of the deal weren’t disclosed. When the property went on the market earlier this summer, trade publications cited $63 million, or about $300,000 per room, as a likely sales price.
The hotel was sold by Los Angeles-based Lowe Enterprises, which developed the property in 2004 at a reported cost of about $70 million.
The Spanish-style hotel includes an 8,000-square-foot spa, three restaurants and more than 21,000 square feet of meeting space.
Pacific Hospitality Group’s portfolio now includes seven hotels and resorts, totaling more than 1,400 rooms. Other properties it owns are Napa Valley’s 158-room Meritage Resort and Spa, as well as the 384-room Anaheim Crowne Plaza Resort and Irvine’s 252-room Doubletree Irvine Spectrum.
New Listing
The local office of Dallas-based brokerage Stream Realty Partners L.P. has picked up a big leasing assignment in Mission Viejo.
The company said it has been awarded the leasing assignment on four buildings within the city’s Highpark Business Center, an office park near the intersection of Alicia Parkway and Jeronimo Road.
The buildings, a combination of class A and B office office space, total about of 169,163 square feet, and are owned and managed by Irvine’s Dolphin Partners Inc. The combined properties are about 61% leased
Existing vacancies at the buildings run from about 1,000 square feet to 14,000 square feet and monthly rents range from $1.60 per square foot to $1.85 per square foot.
Blaine Annett, Colby Annett, and Mike Adams, brokers with Stream Realty’s Irvine office, took over the listing from Grubb & Ellis Co.
