WCB's renovations and repositioning will be mainly designed toimprove the overall appearance and create a more contemporary feelto the four-building project, Thompson says. The property was oneof the first multiple-building office developments in Orange Countywhen it was built from 1962 to 1967.

"Some of the lobbies are a bit dated, and we would like tocreate a more consistent look from building to building, but theproject is in very good shape and has been well maintained,"Thompson says. WCB acquired the property from the Irvine-basedColton Co., which had owned it since 2000, in a deal that wasbrokered by Robert Smith of the Newport Beach office of CB RichardEllis.

Thompson tells GlobeSt.com that WCB sees upside in raising rentsto market when leases roll over. In-place rents at the project,which is 95% occupied, are below current market rates, the WCB vicepresident points out.