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ALISO VIEJO, CA-Developer Shea Properties is steaming ahead with its $350-million Vantis project, as builder Snyder Langston has recently topped out on Phase I of the development.

The project’s first phase will consist of a five-story, 177,000-sf class A office building, along with 726 on-grade parking spaces. Design plans call for a structural steel-frame building with a pre-cast concrete and glass exterior. Inside, natural stone flooring and wood paneling will decorate the main lobby.

In addition to topping out the first phase, Snyder Langston plans to start pouring the concrete decks this month. Phase I is slated for completion in February 2003.

Shea Properties has already secured a sizable tenant for this first building, as Safeco Insurance inked a 15-year lease last year to occupy 70% of the facility. According to the terms of the transaction, which is worth an estimated $50 million, Seattle-based Safeco will take 120,000 sf here.

The rest of the Vantis project will be built in six additional phases. At build-out, the development will encompass 1.5 million sf of office space and 30,000 sf of retail space. It will consist of nine buildings ranging from 75,000 sf to 260,000 sf, which will be connected via pedestrian walkways. The entire Vantis complex, which is rising in the Aliso Viejo Town Center, is scheduled for completion in 2007.

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