VALENCIA, CA-Parker Properties of Aliso Viejo has started construction on its 144,000-sf Summit Oaks office project, a five-story class A development designed to capitalize on the growing business base in this community within Santa Clarita. The development site is at 28515 Westinghouse Place, close to the Interstate 5 Freeway and about 30 miles north of Downtown Los Angeles.

Slated for completion in mid 2008, Summit Oaks is designed to accommodate tenants ranging from small companies to mid-sized and large businesses, according to Kevin McKenzie, president of Parker Properties. The development site will make the project the most visible office building from Interstate 5, and Parker will offer building signage visible from the freeway for a tenant that is large enough, McKenzie says.

The Summit Oaks site is at the entrance to Valencia Gateway, a masterplanned development for business, technology and industry that comprises more than 5,000 acres, 23 million sf, 1,430 companies and 45,000 employees. The Parker Properties development site for Summit Oaks is also at the entry of Newhall Ranch, a masterplanned community development project that will ultimately include 21,000 homes.

The new office building will be situated on a parcel of 4.29 acres, with 28,000-sf floor plates, a ground-floor lobby, a two-story atrium and landscaping. The project will include a two-level parking structure.

Parker has named Doug Marlow and David Solomon of CB Richard Ellis as leasing agents for Summit Oaks. Marlow says that the project already is attracting substantial interest from local companies as well as Los Angeles-based users seeking a location that offers “a strong labor base with more affordable housing options for its employees.” Additionally, with a tight Los Angeles office market and climbing rents, many companies are considering relocations to suburban areas like Valencia, Marlow says.

Marlow points out that, within a 45-minute commute, Summit Oaks is accessible to a population of 3.3 million and a labor base of 1.85 million. The Santa Clarita Valley is continuing its growth trend with a current population estimated at 200,000 that is expected to grow to 507,000 by the year 2020.

The Summit Oaks site is adjacent to a Courtyard by Marriott and an Embassy Suites. It is also close to a large variety of retail, dining, entertainment and recreation amenities including Valencia Town Center Regional Mall, Valencia Marketplace, Valencia Crossroads, four golf clubs and community parks.

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