COMMERCIAL REAL ESTATE : Tenants Anyone? Brinderson Tower II Gets Out Compass in Search of Some

These days, even the most plush and architecturally acclaimed office buildings have difficulty winning tenants. Such has been the saga of Brinderson Tower II, one in a pair of twin black granite high-rises in Irvine.

The original tower was completed in 1987--before disaster struck the real estate industry--and boasts a 97% occupancy. But Tower II, which came on the market in 1990, has been a different story, languishing at only 30% occupancy.

Last fall, Equitable Life Assurance Society of the United States filed a notice of default against its joint-venture partner in Tower II, Irvine-based Brinderson Real Estate Group. In December, Equitable Life acquired full ownership in Tower II. The original tower remains jointly owned by Equitable Real Estate Investment Management--a unit of New York-based Equitable Life--and Brinderson Real Estate.

Equitable recently hired one of its subsidiaries, Compass Management & Leasing in Atlanta, to seek tenants.

“There’s no question we are going to have to lower rents” from last year’s rates, said Stephen Lane, director of leasing for Compass in Orange County. Lane conceded that the lower rents will render the tower unprofitable for a while.