LAGUNA HILLS, CA-The locally based Muller Co. has signed tenants to 180,000 square feet of leases valued at $41 million that fill one office campus to 100% occupancy and another to 88%. The recently completed transactions include new leases and lease renewals at Torrey Pines Court in La Jolla in San Diego County and Main Street Town Center in the Orange County city of Santa Ana.
The property that is now 100% leased is Torrey Pines Court at 3366 N. Torrey Pines Court in La Jolla—a 200,000-square-foot, five-building office park, where the newly completed leases total 118,000 square feet. The Muller Co bought Torrey Pines Court in 2005 in a joint venture with Rockwood Capital. At the close of escrow, the project was 56% leased and had severe functional challenges, according to Muller, which completed a $26 million renovation on three of the existing buildings.
The 118,000 square feet in new leases includes deals with GSA, Scripps, Orexigen Therapeutics, and West Wireless Healthy Institute. GSA signed a 33,780-square-foot, five-year lease. Scripps signed a 15,057-square-foot, five-year lease and was represented by Brian Gallagher of Health West Realty Advisors out of San Diego. Orexigen Therapeutics signed a 22,229-square-foot lease with a 9,312-square-foot expansion, for a 64-month lease and was represented by Scott Ginsburg of Staubach Co. in San Diego. West Wireless Health Institute signed a 37,960-square-foot, seven-year lease and was represented by David Marino of Irving Hughes in San Diego.
The new and renewed leases total 58,143 square feet at Main Street Town Center, a 10-story, 215,000-square-foot class A office building at 2677 N. Main St. in Santa Ana that is also owned in partnership with Rockwood Capital. Among the leases is a 44,024-square-foot, 72-month renewal with New York-based Assurant Inc., Main Street Town Center’s largest tenant. The building’s occupancy rate is 88% in a market that currently endures negative absorption and an 18% vacancy rate, noted Jim Bannan, director of leasing and marketing for the Muller Co.
Assurant, a provider of specialized insurance products and related services, was represented by UGL Equis SVP Justin Hodgdon of the firm’s Costa Mesa office and SVP Josef Farrar of its Los Angeles office. Four other tenants signed leases ranging from 875 square feet to 7,193 square feet. Coreland Cos. of Tustin is the leasing agent for Main Street Town Center.
In addition to signing the new leases, the Muller Co. recently won a number of management contracts. DCT Industrial Trust Inc. chose the company to manage its Phoenix portfolio of 14 industrial buildings totaling over 1.6 million square feet; Bank of America awarded it a contract to manage Creekside Executive Center in Camarillo, which is a two-story office building with 13 office/medical condos totaling 73,892 square feet; a prominent global financial services firm named Muller to a management contract for a 19-story, 255,477-square-foot office building in Phoenix.
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