IRVINE, CA-GlobeSt.com has learned exclusively that Westcore Properties is offering for sale or lease a two-story, 40,852-square-foot office building located at 1621 Alton Pkwy. in the airport submarket here. The building is expected to be vacant this month.
Jones Lang LaSalle‘s Orange County team, led by Geoff DeWolf, Steve Economos and Greg Puccinelli, has been retained by Westcore to manage the sales/leasing effort. According to Economos, “1621 Alton Parkway provides an excellent opportunity for a company to purchase or lease its own high-quality office building in Orange County’s airport area. The property is uniquely positioned to capitalize on its exceptional location, offering creative space, its own corporate identity, convenient access and abundant nearby amenities.”
DeWolf tells GlobeSt.com that the building was built in 1979 and has excess parking, “so we are targeting headquarters uses, call centers, mortgage companies, churches, medical uses and any office users looking for creative space.” Approved uses include information center, equipment rental, manufacturing, light office, administrative office, design professional, research and development, public school, veterinary services, warehouse and sales outlet, and warehousing storage; similar tenants are located nearby. Also, the building features a “dramatic two-story lobby area and is elevator served.”
The airport submarket continues to lead the Orange County office recovery with 389,613 square feet of year-to-date net absorption, the highest in the county. As GlobeSt.com also reported today, the office market here is exhibiting an impressive recovery, with strong positive net absorption, increasing rental rates and tightening vacancy.
DeWolf adds, “The office market has been improving, and a building of this size and location is rare.”