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ALISO VIEJO, CA-Parker Properties plans to start construction in the second quarter of 2005 on two new class A office buildings totaling 260,000 sf at its Summit Office Campus, which will bring the total of office space at the development to more than 1.2 million sf. The project along the 73 toll-way is also due for a Renaissance ClubSport hotel and fitness resort announced previously by Parker.One of the two new four-story, speculative office buildings will total 140,000 sf and will be located at 30 Enterprise. The other will total 120,000 sf and will be located at 20 Enterprise. Designed by McLarand Vasquez Emsiek & Partners of Irvine, the new buildings are scheduled to be ready for occupancy in mid-2006.The south Orange County office market will soon experience its first new class-A office construction in three years when Parker Properties begins development of 260,000 sf of space in two buildings as part of the Summit Office Campus development located along the 73 toll-way in the City of Aliso Viejo. Master-planned by Parker Properties, the latest phase of Summit Office Campus will include a Renaissance ClubSport® hotel and fitness resort and two, four-story speculative office buildings. Development will begin second quarter 2005 on 30 Enterprise, a 140,000-sf office building and 20 Enterprise, a four-story, 120,000-sf building as well as the hotel and fitness resort. The buildings are scheduled to be ready for occupancy mid-2006. The Orange County office market has been recovering in the past year or two, with vacancy rates declining and asking rental rates inching upward. Lee Redmond, president of Parker Properties, notes that recent CB Richard Ellis statistics show that Aliso Viejo holds an edge over the rest of the county, with a vacancy rate of 10.4%, compared with 11.4% for the entire county. The Summit Office Campus, with approximately 940,700 sf of space completed to date as part of a 1.7 million-sf master plan, is 92% occupied. Major tenants include Lennar Family of Builders, Techspace, Fluor Corp., Remedytemp, Chevy Chase Bank, Arthur J. Gallager, Qlogic and Safeguard.The Renaissance ClubSport portion of the development, reported previously on GlobeSt.com, will be a venture of California-based Leisure Sports Inc. and Marriott International Inc. that will feature 175 rooms and a 67,300-sf sports and fitness club.

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