Koll Co. Readies Phase II at Irvine Spectrum

IRVINE, CA-Just weeks after going into escrow for the last remaining buildings at the 27-building first phase of its Koll Center business park, the Newport Beach-based Koll Co. has acquired 11.7 acres at Irvine Spectrum from the Irvine Co. for 47 additional office and light industrial buildings. Terms of the land sale for Phase II were not disclosed, but GlobeSt.com has reported previously that the first phase of the development--27 buildings on 8.9 acres--was a $27-million project.Phase II of the Koll Center will total 184,000 sf, compared with 140,000 sf in the first phase. Buildings in Phase II will range from 1,600 sf to 7,400 sf and will be designed for owner-users who need slightly less space than those in Phase I of the project.The development site for the new phase of buildings will be at the northeast corner of Irvine Center Drive and Scientific Way, directly across the street from the business park's first phase at the southeast corner of those streets. The one- and two-story concrete tilt-up buildings will feature a standard mix of 50% office space and 50% warehouse space that in some cases can be built out to 100% office use. Construction is expected to begin in the first quarter of 2006, with completion targeted for late 2006. Second phase sales are scheduled to begin this September, with Mike Hartel, Kevin Turner and Joe Winkelmann of Colliers Seeley International as the listing agents.Alan Airth, the Koll Co. managing principal who is in charge of the center's development, says Phase II is a response to the success of sales of the first 27 buildings, which in turn illustrates that demand remains strong demand for professional office-industrial buildings for purchase.Airth points out that all building sales in the first phase of Koll Center are expected to close this month. Cohen Financial arranged the construction financing for Phase II of the project. The lender was Wrightwood Capital.