ALISO VIEJO, CA-As GlobeSt.com reported last week, Stream Realty Partners has received a bevy of new leasing assignments, including a total of more than 186,000 square feet in Orange County alone. The properties include Pala Place Corporate Center at 25909 Pala Place in Mission Viejo, with 56,600 rentable square feet to fill, and Avalon Center at 5405, 5455 and 5555 Garden Grove Blvd. in Westminster, with 129,505 rentable square feet to fill. GlobeSt.com recently spoke with Blaine and Colby Annett, principals with Stream Realty Partners, about the four-year-old Orange County office’s success and what’s in store for 2013.
The Annetts tell GlobeSt.com that the firm has been able to outperform the market on all of its leasing assignments over the past four years. “We will continue to outwork the competition and perform for our customers,” says Blaine Annett.
Stream recently opened new offices in Denver, Charlotte and Washington, DC, but its Orange County office focuses on the L.A. and Orange County markets, primarily on class-A and –B institutional assignments. In 2013, the firm is also trying to acquire more personnel and is looking to grow its team with the best talent in the industry, the Annetts say.
Also, the company is looking to expand into L.A.’s industrial and retail markets in the first quarter of the year and into the Inland Empire’s in the second half.
Colby Annett adds that there are currently over 2.5 million square feet of deals in the Orange County market, and since the trend has been positive absorption over the last several quarters, he expects to see positive absorption for the office sector here this year, given the number of deals in the works.
Stream also anticipates that a number of class-A and –B office buildings will hit the market in early 2013. “It will be interesting to see how aggressive capital is going to be in chasing those assets given that the rental rates have remained flat throughout most of Orange County,” says Colby Annett.