Goldman Sees Future of OC Live-Work-Play

Anaheim Platinum Triangle is quickly becoming Orange County’s quintessential live-work-play hub. Goldman Sachs Asset Management Private Real Estate sees the potential in the market, and has purchased Axis, a five-building office park in the Anaheim Platinum Triangle. The investor plans to renovate and reposition the property in to a creative office complex that will be synergistic with the tremendous multifamily development in the area.

“Axis presents the opportunity for GSAM PRE to further its footprint in Orange County while partnering with an experienced operator, Pendulum, to complete the vision of creating a differentiated creative product in an exciting live-work-play location that has proven to be desirable for office tenants in the market,” Joe Sumberg, co-head of GSAM PRE, tells GlobeSt.com.

Anaheim Platinum Triangle has seen significant investment over the last five years with new housing and retail amenities. “This area has seen a significant amount of multifamily development over the past ten years with the delivery of approximately 3,300 units, as compared to virtually no multifamily construction before then, and another 1,200 units are expected to be delivered in the next two years,” says Sumberg. “While the multifamily and retail properties have undergone their own revivals this cycle, we believe the office product at large in this area has not. We believe Axis has proven that employers in this area are attracted to contemporary space and we intend to be the highest quality, large scale creative office product in the market.”

Goldman will reimagine Axis into a campus environment targeting creative tenants.

“Pendulum has successfully repositioned and rebranded the 1980’s vintage office park into a single cohesive campus over the past three years by improving building interiors, exteriors, and landscaping,” says Sumberg. “Further, they added market leading amenities such as indoor/outdoor conference centers, outdoor lounge areas, and a fitness center. GSAM PRE intends to complete the renovations to the building lobbies, common areas, and tenant spaces while expanding upon the amenities and services offered to tenants. We believe the property currently offers a differentiated look and feel that does not exist in neighboring office buildings and we are excited to deliver a creative, modern product to a market that we believe has clearly demonstrated appetite for it.”

The market is primed for creative office growth. There have already bee a handful of creative office conversions in Orange County, but not in the Anaheim market. “Anaheim and Central OC generally have not experienced the same number of creative repositionings as most of the office inventory is more high-rise and traditional in nature,” explains Sumberg. “We believe that office users have proven that there is increased demand for low-density, surface parked product, which allows for an enhanced tenant experience with increased accessibility and connectivity in the workplace. Finally, Anaheim’s central location with access to major population nodes leads us to believe that creative product in a location like this is desirable for today’s employers, who are increasingly preoccupied by retaining and attracting talent.”