Phase I, which is slated for a February 2003 completion, is rising at 26198 Laguna Hills Dr. and Aliso Creek Road. Plans call for a five-story class A office building designed to encompass 177,000 rentable sf, as well as 726 parking spaces. The exterior of the structural steel-frame office facility will consist of precast concrete and glass. Inside, natural stone flooring and wood paneling will decorate the main lobby.
Shea Properties has already secured a sizable tenant for this first building, as Safeco Insurance inked a 15-year lease last year to occupy 70% of the facility. According to the terms of the transaction, which is worth an estimated $50 million, Seattle-based Safeco will take 120,000 sf here.
The rest of the Vantis project will be built in six additional phases. Upon completion, the entire development is slated to encompass 1.5 million sf of office space and 30,000 sf of retail space. It will consist of nine buildings ranging from 75,000 sf to 260,000 sf, which will be connected via pedestrian walkways. The entire Vantis complex, which is rising in the Aliso Viejo Town Center, is scheduled for completion in 2007.
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