Among reasons for the move, according to Colm Macken, president and CEO of Shea Properties, is that the company foresees strong growth over the next five years, with internal expansion expected to grow by 20% to 25% during that time. The Vantis project, which Shea is developing on 40 acres, includes more than 400 residential units that Shea Properties is developing on the site.
Shea's new space at 130 Vantis is in a recently completed three-story, 78,368-sf building, where the development and investment firm has relocated approximately 115 employees. Shea's previous space at 26840 Aliso Viejo Parkway will be occupied by storage technology firm SiliconSystems Inc.
Macken, commenting on what he says will be substantial growth at Shea Properties over the next several years, says that the company plans to double today's $2-billion portfolio to $4 billion in five to six years. The 20% to 25% internal growth over that time will be required in order to accommodate the project growth, Macken explains.
Shea's new space at 130 Vantis is the second building of the Vantis project to be completed. The first Vantis building, at 120 Vantis, is a five-story, 178,000-sf building that was completed in May 2003 and is 100% occupied, with major tenants including SafeCo, US Technologies and Countrywide.
Shea is marketing the Vantis project for build-to-suit as well as for lease. The class A development site is situated off the San Joaquin Hills Transportation Corridor at Aliso Creek Road and Aliso Viejo Parkway.
Besides Vantis, Shea's other Orange County projects include a development planned at Legacy Park, the 820-acre mixed-use project located between Red Hill Avenue, Edinger Avenue, Jamboree Road and Barranca Parkway in Tustin that broke ground last October. Shea closed escrow in June on the initial 300 acres of land that will become phase one of Legacy Park.
Legacy Park, which will complete the transformation of the former Tustin Marine Corps Air Station into a mixed-use urban village, is being developed by Tustin Legacy Community Partners LLC. The sole members of the LLC are Shea Properties as the manager of the project and Shea Homes Limited Partnership, in collaboration with the City of Tustin.
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