Summit Sees $12 Mil More in Leasing

ORANGE COUNTY, CA-Privately held Parker Properties has signed six lease agreements for a combined 77,000 sf for the second phase of its sprawling Summit office development in the South County community of Aliso Viejo.

Though Parker Properties won’t disclose details of the individual agreements, it says the six contracts are worth a combined $12 million. The leases leave only 20% of the second phase of the development available.

The largest new lease involves Outbound Services, a maintenance and management-service provider for convenience stores and other retailers. Outbound took 30,793 sf in a 5-year lease and will relocate from its current headquarters in Laguna Hills. Julien J. Studley’s Irvine office represented the tenant. The in-house staff of Parker Properties is marketing Summit with help from CB Richard Ellis.

The second-largest lease was signed by ThinkTank.com, an Internet incubator, which took 27,296 sf for five years. Smaller leases were signed by HR Link Group Inc., Axxicon Molds Los Angeles Inc., LenStar Group Inc. and Critical Path Inc.

Eight of Summit’s 16 buildings are now complete and 90% leased to companies that include Qlogic, Buy.com, RemedyIntelligent Staffing, SafeGuard, Cypress Semiconductor, PepsiCo andDatalink. Most of the development’s tenants are involved in Internet-related businesses or other parts of the high-tech industry.

When complete, the campus-style Summit will have 1.7 million sf of office space covering 70 acres.