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ALISO VIEJO, CA-TechSpace, a provider of flexible office space and information technology services, has signed a $25 million lease that runs through 2017 at two buildings owned by Rreef at 65 and 75 Enterprise at the Summit Office Campus. The deal is a renewal for 86,400 sf for TechSpace, which was represented by Scott Johnstone of Grubb & Ellis.

According to Vic Memenas, chief operating officer of TechSpace, the company sees its flexible space as increasingly popular in light of changing economic conditions. “As California office markets have remained volatile over the last year,” the firm’s flexible space option “has become increasingly popular for small- to medium-sized businesses,” Memenas says.

TechSpace provides a flexible full-service office environment with technology support through a Tier 1 data center. Flexible lease terms allow room for upsizing or downsizing as necessary, including everything from workstation furniture, advanced voice and data telecommunications, IT infrastructure, reception services and office supplies.

The TechSpace approach is designed to provide tenants with “the ability to grow their businesses without making a long-term commitment to occupancy nor a capital investment to the space,” Memenas says.

Based on client input and surveys, TechSpace is planning significant improvements to the facility including upgrades to the cafe and common areas designed for friendlier client use. In addition, substantial renovations will be undertaken to reconfigure suites to meet the needs of TechSpace clients.

Rreef bought the buildings at 65 and 75 Enterprise, which total about 483,000 sf, from Ohio State Teachers Retirement System for about $100 million in the summer of 2004, according to a GlobeSt.com report at the time. The 1.7-million-sf mixed-use Summit Office Campus is being developed by Aliso Viejo-based Parker Properties and Rreef, the project’s common financial partner.

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