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ALISO VIEJO, CA-Shea Properties of Aliso Viejo is getting under way here on the 81,000-sf second phase of its Vantis office development, where the 177,000-sf first phase was completed in 2003. The $28-million new phase of the mixed-use class A office project, which is situated off the San Joaquin Hills Transportation Corridor at Aliso Creek Road and Aliso Viejo Parkway, also will include a new parking structure.W. Wiliam Gaboury, president and CEO of Shea Properties, says the new phase of Vantis is timed to capitalize on the improving conditions of South Orange County’s office market. Market surveys for the past several quarters have shown rents steadily rising, vacancies declining and demand continuing amid relatively little new construction. Shea anticipates delivering the new office space in November 2006. The commercial buildings at Vantis are being designed by McLarand, Vasquez, Emsik & Partners, with Snyder Langston as the project’s general contractor. The listing agents for the space are Tim Joyce and Oliver Fleener of the Newport Beach office of Grubb & Ellis.Joyce says that a number of users have already shown strong interest in the new phase of Vantis, with many office users are looking now to lock in favorable rates for the long term as the trend toward rising rents continues. The first phase was a five-story class A office building where Safeco Insurance is the primary tenant.Shea describes the entire Vantis project as a $350-million development that will include a range of office and residential development, with a direct connection to the Aliso Viejo Town Center. Other plans for future development at the site include three additional office buildings, for a total of five office buildings, along with residential condominium development including live-work condos.

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