"Koll Center Irvine remains one of the best located office parks in the strong airport office submarket, and the ownership plans to make a significant investment in refurbishing the buildings and common areas so that it retains its pre-eminent status as a premier business location," says Paul Lentz, president of the western region for Transwestern.

Built in stages between 1983 and 1988 on an 18.5-acre site, the complex is comprised of four, 11-story, office towers with 220,000 of rentable space each. The complex includes office and retail tenants, a restaurant and a five-level parking structure. In total, the center is more than 90% leased, with such major tenants as Sprint PCS, New Century Financial, Union Bank of California and Nortel Networks.

Located in the John Wayne Airport area of Orange County, which has a total of 14.2 million sf of office space, the complex is one of the largest office parks in the area and in the county. According to Transwestern's research affiliate Delta Associates, the airport area had an 8.6% vacancy rate through the third quarter of last year, and rental rates had increased by 5.7%. Due to a limited supply of new product coming on line this year in this submarket, Delta predicts that the area's market characteristics will remain strong for the year 2001.