ALISO VIEJO, CA-The 20 and 30 Enterprise buildings at Summit Office Campus have reached 94% occupancy with the signing of a five-year, 25,967-square-foot lease by technology firm Telogis. The Telogis lease is the latest of six deals totaling 140,596 square feet, according to the development and management team of Parker Properties, and its partner, RREEF Alternative Investments.
Other tenants that have signed new and expanding leases include Marvell Semiconductor Inc., UST Global Inc., AVANIR Pharmaceuticals Inc., Johnny RocketsGroup Inc. and Benefits Resource LLC.
The CB Richard Ellis leasing team of Ted Snell, Carol Trapani, Jake Stickel and Allison Schneider, represented Parker Properties and RREEF on all of the new and/or expanding lease transactions at the 250,803-square-foot phase comprising two four-story buildings at 116,077 square feet and 134,726 square feet each.
Existing tenant Marvell Semiconductor of Santa Clara expanded into 37,047 square feet in a five-year lease at 30 Enterprise. The move represented a 14,961-square-foot expansion for Marvell. According to Marvell executives, the recent lease renewal and expansion at Summit Office Campus is an integral component to Marvell’s long-term business strategy.
At 20 Enterprise, UST Global, a provider of end-to-end IT services and solutions for Global 1000 companies, moved into 30,136 square feet of space in a five-year lease. AVANIR Pharmaceuticals signed a five-year lease for 29,790 square feet. Johnny Rockets, an international restaurant chain, located into 11,303 square feet for five years and will use the space as its corporate headquarters. Benefits Resource, which provides benefits design for companies, relocated from Laguna Beach into 6,353 square feet in a five-year lease.
The 20 and 30 Enterprise buildings have tallied the most leasing in Aliso Viejo, according to Snell, who noted the growth of technology, pharmaceutical and ophthalmology clusters at Summit. The strong performance comes at a challenging time in the office leasing market. While the County is showing some stability in its overall office market, at second quarter 2011 the south Orange County submarket had posted a 15.3% vacancy rate, according to CB Richard Ellis market reports.
The 20 and 30 Enterprise buildings, which have obtained LEED Silver certification, are the latest buildings constructed in the Summit Office Campus, a 1.7-million-square-foot mixed-use office campus featuring 11 low-to mid-rise office buildings.
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