ALISO VIEJO, CA-Pacific Life Insurance Co. has signed a letter of intent to buy up to 5.5 acres at Parker Properties’ Summit office Campus, where Parker will build up to 242,000 sf of office space for the insurance company. Under the agreement, which is expected to be completed in the next two months, Parker will develop the space in a single office building for Pacific Life.

The insurance company plans to consolidate approximately 1,000 employees at the new location by the first quarter of 2008, but it will retain its corporate headquarters office at Newport Center in Newport Beach. The building will be developed at 45 Enterprise in the master-planned, 1.8-million-sf Summit Office Campus.

In addition to the office building, the project will included an adjacent parking structure. Pacific and Parker expect that construction will begin in the third quarter of this year, with the building to be ready for occupancy in the first quarter of 2008.

The Pacific Life employees who will be consolidated into the new building will be moved from offices in Foothill Ranch and Newport Beach. The insurance company employs about 2,500 workers locally, according to Thomas Sutton, the company’s chairman and CEO.

Sutton says that with the completion of the new building, Pacific Life will be able to house all of the 2,500 local employees between the building in Aliso Viejo and its Newport Beach headquarters. He says the company has always intended to maintain a strong business presence in Southern California and is choosing the Aliso Viejo project for its amenities and its convenient location.

In addition to its office space, the Summit campus features a new Renaissance Clubsport facility comprising a 174-room hotel and a 65,000-sf sports club under construction across the street from the new Pacific Life site. The insurance company was represented in the land sale by Royce Sharf and Kelly Givens of Studley, with Parker Properties represented by John Desper, Allison Schneider and Ted Snell of CB Richard Ellis.

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