Koll Sells 20 Units at 188,000-SF Park

IRVINE, CA-The Koll Co. has lined up buyers for 20 of the 56 units at its recently completed Koll Center Irvine III, a 188,000-sf project of for-sale office/R&D units on a 12-acre site at Bake Parkway and Research Drive, a block west of Interstate 5. The Newport Beach-based acquisition, development and management firm’s new project is in the Irvine Spectrum and is targeted toward users seeking smaller spaces.

Escrows are scheduled to close this month on the 20 units that have been sold. The units at the project are of one and two stories and range from 1,100 sf to 6,951 sf. They are grouped in 11 buildings and include a standard mix of 50% improved office and 50% warehouse space that in many cases can be fully improved.

Scott Meserve, development manager for the Koll Co., says that the sales demonstrate the demand for smaller for-sale office/R&D product in the Irvine Spectrum. “Many buyers are smaller businesses that were attracted to the advantages of owning their own building in one of the most convenient and high-profile business environments in Southern California,” he says.