Russ Werdin, the president of Werdin Corp., describes the project as a response to the continuing demand for office condominiums in an Orange County office market that has been setting new records for low vacancy rates, high asking rents and rising prices on for-sale product. "Besides the benefits of ownership, the trend appears to be additionally driven by the shortage of quality rental space in the widening sphere of the Orange County airport market," Werdin comments.
Werdin believes office condo buyers are seeking not only a way to protect their businesses against growing rents but also a means of personalizing their suites, something that a few are willing to do in a landlord-owned building. The Pacific Office Plaza project will feature a variety of suite sizes starting at 2,000 sf, with the option of combining units.
The listing agents for the Werdin-Saunders project are Chris Bates, David Bolt and Jon Marchorlatti of CB Richard Ellis. Bates calls the project "the first new 100% office construction in a number of years" for the owner/user market in the immediate area.
The project is being financed by Wells Fargo Bank with co-investor Hanover Capital. It is scheduled for completion in time for occupancy in the first quarter of 2007.
The development is the latest in a series of projects totaling more than two million sf of industrial and commercial projects for sale that Werdin Corp. and its former affiliated companies have developed since 1980. In 2004 Werdin and Saunders Properties formed Werdin-Saunders LLC to develop industrial and office condominiums in Southern California.
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