Stream Oversees $1M+ Tech Rebranding

IRVINE, CA-Stream Realty Partners is overseeing extensive building improvements and rebranding for Von Karman Tech, formally known as Von Karman Business Park, located at 16842 Von Karman Ave. here. The two-story property is undergoing $1.5 million in renovations that include construction of creative-office spec suites, upgraded lobbies and common areas, and a new external business façade.

The building was originally built in 1980 and offers 100,603 square feet of office space adjacent to the District at Tustin Legacy, a stylish and upbeat retail, dining and entertainment center. With close proximity to John Wayne International Airport and the I-405, I-5, 55 and 241 freeways, the property is easily accessible from any location in Southern California.

The office park, recently purchased by New York-based real estate private-equity fund HighBrook Investment Management LP, was 63% leased prior to acquisition. In addition to leasing the property—which Stream has brought to 82% occupancy in the past 10 months of the new ownership—Stream was selected to manage and rebrand it.

The building has four available suites remaining that range in size from 2,938 square feet to 9,313 square feet and offer private offices, conference rooms and open collaborative areas. Prime building-to- signage is available, and current tenants include Hosting.com, Stream Realty and Lee & Sakahara Architects.

“Stream Realty has an excellent understanding of the type of office space that Orange County businesses desire,” says Robert Giusti, managing director with HighBrook. “The firm provided valuable insight throughout the renovation process, which allowed us to focus on property improvements that would be accretive to our investment.”

Construction enhancements include creative office-inspired tenant improvements, a pedestrian boardwalk around the building, branded signage, the addition of dramatic exterior lighting, lush landscaping and outdoor seating areas, Wi-Fi connectivity throughout, and fully renovated common areas with contemporary flooring, stainless-steel staircases and high-end finishes. The enhancements are expected to be completed roughly by mid-December.

According to Colby Annett, co-managing partner of Stream Realty, “Tenants today are searching for modern features and amenities within their office space. We are pleased to say Von Karman Tech now offers both traditional- and modern-cultured companies an office that will suit individual needs and preferences at an affordable rate.”