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ALISO VIEJO, CA-Ohio State Teachers Retirement System sold the 483,375 sf of phases I and II of Summit Office Campus at Aliso Viejo to Rreef. Terms of the deal were undisclosed, and estimates vary on how much Rreef paid, but it’s believed to be upwards of $100 million. The deal was brokered by the CB Richard Ellis team of Bob Smith, Michael Kane and Ted Snell in the firm’s Newport Beach office. Phases I and II of the Summit consist of a five-building office campus that is part of what is planned ultimately as a 1.7-million-sf office campus that will also include a hotel and other uses being developed by Parker Properties of Aliso Viejo, which sold the first two phases to Ohio State Teachers several years ago. Phase I consists of two buildings totaling 168,788 sf that were completed in 1998; phase II consists of three buildings totaling 314,587 sf that were completed in 2000. The campus is adjacent to the Route 73 toll road and is 95% leased to tenants including Fluor Corp., MBNA Marketing, Buy.com, Pepsi-Cola, Safeguard, TechSpace and Remedy Staffing.The two phases of Summit that were sold are part of approximately one million sf that has been developed there by Parker, including a building where homebuilder Lennar Corp. earlier this year signed a seven-and-a-half year, $27-million lease that will move its regional headquarters to the Summit Office Campus. Besides office space, the 60-acre Summit development will also include a 175-room hotel that Marriott International signed a deal to develop and operate under Marriott’s Renaissance ClubSport flag via an agreement between Marriott and Pleasanton-based Leisure Sports Inc. Leisure Sports expects to break ground on the development late this year and plans to open in early 2006. To be called the Renaissance ClubSport, it will be managed by Leisure Sports Inc. and will be affiliated with Marriott International through a franchise license and co-branding agreement.

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