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Spieker Strategy: Buying, not Building

ORANGE COUNTY, CA-Lots of cranes on the horizon? Don't blame this REIT. Spieker has few development plans here.

By Nidal M. Ibrahim | Updated on July 28, 2000

Spieker Properties Inc., the big real estate investment trust based in Menlo Park, will apparently be satisfied with snapping up existing Southland commercial real estate projects over the next several months instead of building new ones.”We have lots of land parcels moving along in Southern California, and getting ready for permitting and entitlements, but really, for us activity is so strong in the Bay Area that most of our capital is being used on new development,” says John Davenport. Spieker’s regional president in Southern California.”It’s just incredible what’s going on up there,” says Davenport, adding that Spieker has almost $500 million worth of development activity going in San Francisco and Seattle. Here in Orange County, Davenport says that Spieker is moving forward with design and permitting plans for roughly two million sf of development in Mission Viejo, Irvine, Anaheim, Brea, and San Diego. But don’t expect foundations to be poured soon: “We’re just teeing it up right now,” he says. “We’re pushing the process along in the design and entitlement end of things, but we’re not building.”

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