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IRVINE, CA-The Koll Co. has lined up buyers for 20 of the 56 units at its recently completed Koll Center Irvine III, a 188,000-sf project of for-sale office/R&D units on a 12-acre site at Bake Parkway and Research Drive, a block west of Interstate 5. The Newport Beach-based acquisition, development and management firm’s new project is in the Irvine Spectrum and is targeted toward users seeking smaller spaces.

Escrows are scheduled to close this month on the 20 units that have been sold. The units at the project are of one and two stories and range from 1,100 sf to 6,951 sf. They are grouped in 11 buildings and include a standard mix of 50% improved office and 50% warehouse space that in many cases can be fully improved.

Scott Meserve, development manager for the Koll Co., says that the sales demonstrate the demand for smaller for-sale office/R&D product in the Irvine Spectrum. “Many buyers are smaller businesses that were attracted to the advantages of owning their own building in one of the most convenient and high-profile business environments in Southern California,” he says.

The Koll project was designed by LPA Inc. of Irvine to feature a campus-like environment with high-end landscaping and outdoor seating areas. Koll’s marketing team for the project includes Mike Hartel, Kevin Turner, Joe Winkelmann and Travis Haining of Voit Commercial Brokerage.

When Koll unveiled plans for its Koll Center Irvine III, it described the 188,000-sf project as a $57-million development. It developed the new project on land that it bought from the Irvine Co.

Koll has recently developed in the same area of Irvine Spectrum, the huge master-planned business park of the Irvine Co. The two other nearby business parks, called Koll Center Irvine I and II, totaled 76 units and 324,000 sf. They were completed in 2006 and 2007 respectively and are located across the street from each other at the northeast and southeast corners of Irvine Center Drive and Scientific Way.

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