IRVINE, CA—A joint venture between international real estate firm Hines and Oaktree Capital Management LP has revealed architectural-design plans for 17850 Von Karman, a 242,000-square-foot, nine-story, class-A office building to be constructed here. Gensler is the architect for the project, which is slated for Irvine’s Main Corporate Center near the John Wayne Airport.
The JV had purchased the development site in 2013. Located on the corner of Main St. and Von Karman Ave. in the heart of the airport area’s Irvine Business Complex submarket, the building will have a strategic position that offers immediate access to the I-405 and 55 freeways and close proximity to I-5, 73 and 133 freeways. More than 15 restaurants and bars, two health clubs and four hotels are within walking distance of the site.
Plans include offering tenants a “distinguished identity,” with a unique glass-and-wood façade and highly visible building signage. Tenants will have the flexibility to design a next-generation “creative-space” workplace, with a combination of collaboration and focus spaces, or a more-traditional layout that optimizes productivity. The building will also provide indoor and outdoor spaces, with opportunities to interact, socialize and collaborate to accommodate tenant companies’ specific lifestyles. The project will also feature 10-ft. to 11-ft. finished ceilings with the potential for open ceilings, floor-to-ceiling glass, multi-dimensioned operable windows, a café- and fitness center and an outdoor common area with recreational amenities and WiFi. The top floor and prominent northwest corner, which is framed with the signature wood element, have floor-to-ceiling glass, allowing for bright and visible offices or conference spaces. In addition, sustainable features include under-floor air distribution, high-performance glass and drought-resistant landscaping.
GlobeSt.com was unable to reach Hines prior to deadline to discuss the total estimated construction costs for the project.
According to Ray Lawler, managing director of Hines, “17850 Von Karman offers the complete solution for Orange County’s corporate and creative tenant base.” He adds that the site will also feature programmed landscaping, a variety of on-site amenities, sustainable building features and efficient floor plans.
Mark Jacobs, managing director for Oaktree, adds, “Given the recent build-to-suit activity in the market, and the ever-improving market fundamentals in the Airport Area, we are confident this project will attract premier tenants. We look forward to working with future users to construct an exceptional building that will be the platform for their continuing success.”
Dean Chandler, John Weiner and Weston Chandler of CBRE have been selected to handle leasing of the property.
Newly built creative-office space is beginning to emerge in Orange County, a market that has been slow to embrace the trend because of its slower post-recession office recovery. As GlobeSt.com reported last week, the City of Tustin is setting the wheels in motion for Cornerstone at Tustin Legacy, a 43-acre office-development site in Tustin. A significant emphasis is being placed on users looking for open-floor-plan environment and usable outdoor spaces, since creative-office space has been identified as an underserved aspect of the Orange County office market.