Irvine Co. Starts Work on 20-Story Office Tower : Executive Credits Strong Leasing Success for Going Ahead Now With Second Phase of Jamboree Center
Just when you thought there were probably enough new offices in Orange County to last until the year 2000, the Irvine Co. has topped out yet another tower, this time with 20 stories and 428,000 square feet of office space.
Mike Lutton, vice president and general manager of the Irvine Office Co., a division of the Irvine Co., explained why: “Our decision to build the new office tower was prompted by the strong leasing activity of the first phase of Jamboree Center and of MacArthur Court in Newport Beach.”
The $75-million project is part of the second phase of Jamboree Center at Jamboree Boulevard and Main Street, adjacent to the San Diego (405) Freeway in Irvine. Jamboree Center, a 46-acre master-planned business complex, already includes twin 12-story office towers and the 550-room Irvine Hilton Hotel. Tooley & Co., Los Angeles, has just been named to manage the new building and the existing 12-story towers.
The twin towers, which have a total of 450,000 square feet of office space, are 85% leased or committed, said James E. Bell, the Irvine Office Co.’s vice president of sales and marketing. The towers opened in early 1987. MacArthur Court’s twin 15-story towers, which opened last fall, are 55% leased.
“Phase 2 of Jamboree Center is a significant project for us and illustrates our commitment to future office development,” Bell said. “Because of our current leasing success, we believe the office market in the John Wayne Airport area will absorb most of the current office space available by the time the new 20-story tower is finished.”
The Irvine Business Complex Consortium, consisting of 11 developers who control 7.6 million square feet of office space in the John Wayne Airport area, reports a 14% vacancy rate there. The 20-story office tower is scheduled for completion in early 1989.
Skidmore, Owings & Merrill of San Francisco designed the tower, which will be built by Koll Construction Co. with a travertine exterior. The building also will have crenellated walls and up to 40 corner office views per floor. The top five floors will have ocean views.
Phase 2 also will feature a landscaped promenade that will link the new tower to the existing office buildings, the Irvine Hilton and a new 1,600-car garage. An additional bridge over the San Diego Creek Channel also will be completed as part of the second phase, creating another link with The Irvine Co.’s new residential community of Westpark.
An estimated 4,200 houses and apartments will be included in the community when completed during the next five years.
