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ALISO VIEJO, CA-The Orange County office of Dallas-based Stream Realty Partners has won the leasing assignment for 483,615 square feet of Summit Office Campus buildings owned by Rreef. Blaine Annett, co-managing partner of Stream’s Orange County office in Irvine, tells GlobeSt.com that the Rreef leasing assignment is the second that Stream has landed since the company opened its Orange County office in March. The other is a 109,996-square-foot headquarters building at 1 Enterprise in Aliso Viejo for which Stream has a subleasing assignment with tenant Valeant Pharmaceuticals.

Stream is planning to move its Orange County office to the Summit campus, where Annett and fellow co-managing partner Colby Annett are now the leasing agents for the 483,615 square feet of Rreef-owned space in phases one and two of the Summit project. CB Richard Ellis formerly had the leasing assignment for the phase one and two space, which is in five buildings at 65, 75, 85, 95, and 101 Enterprise.

Blaine Annett says that although Stream’s first two leasing assignments are in Aliso Viejo, the company is close on a couple of assignments in the Airport Area and Central Orange County as it looks to expand not only throughout Orange County but also the rest of Southern California. The company’s focus is on institutional landlord representation, so it is talking to institutional owners throughout the Southland, Annett says.

“We’ve been successful in getting buildings leased in a tenants’ market through creative deal structuring,” he adds, citing Dallas as an example. He says that Stream chose Orange County for its first office in Southern California both because it sees opportunities in the county and because the location is convenient for its future expansion into Los Angeles, San Diego and other Southern California markets.

The five buildings and 483,615 square feet of Summit office space owned by Rreef are 71% leased with 138,409 square feet available in sizes from 1,000 square feet to 45,000 square feet. The Summit campus has been developed by Aliso-based Parker Properties with Rreef as its common financial partner for the entire project.

In addition to the 483,615 square feet in phases one and two that Rreef owns, the approximately 1.5 million square feet that has been developed at the campus includes 549,382 square feet for which Parker Properties is the owner-manager with Rreef as its financial partner; a 246,669-square-foot headquarters building that is owned by Pacific Life Insurance Co.; 165,317 square feet owned by high-tech firm QLogic and a 174-room hotel with 65,000-square-foot Renaissance ClubSport that is owned by Leisure Sports Inc. and R.D. Olson. The Summit campus, which is planned for more than 1.8 million square feet, is located adjacent to the 73 Tollway in the center of Aliso Viejo.

Asking rates are in the range of $2.25 to $2.30 per square foot per month for the Rreef-owned space at Summit and $1.90 at the Valeant building, and both are negotiable, according to Blaine Annett. He describes the Valeant space, a four-story class A building that formerly was the Fluor Corp. headquarters, as “one of the nicest headquarter opportunities in all of Orange County.”

Colby Annett says that the new Summit assignment “helps to cement our company’s West Coast footprint” for Stream, which was established in 1996 and has grown from its two original partners to a staff of more than 300. The company leases and/or manages more than 60 million square feet of commercial buildings in California, Texas, and Atlanta.

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