Hines Redevelops OC Office Campus, Adds Tenants
- Jan 10, 2018
Hines has completed the $25 million redevelopment of Intersect, a four-building office campus in Irvine, Calif. IA Interior Architects and LandLAB were in charge of designing the capital renovation.
The 436,000-square-foot property, located at 17838, 17872, 17875 and 17877 Von Karman Ave., was completed in phases in 1989, 1990, 2000 and 2004. Intersect underwent cosmetic improvements in 2004 and 2015. This renovation included upgrades to the outdoor spaces, basketball court, fitness center, conference facilities, lobbies and common areas. The property features more than 1,700 parking spaces and a fleet of Zagster rental bikes.
Increased leasing activity
In recent months, multiple companies leased space at Intersect, including Mazda North American Operations, Edison Energy, Xponential Fitness and Marriott International. The property is now more than 50 percent occupied, with approximately 200,000 square feet still available. JLL’s Joe Bevan and Wade Clark are handling the leasing on behalf of Hines. landlord.
Additionally, Hines has teamed up with The Patio Group to develop a $3 million restaurant with an outdoor two-story shipping container concept at the property. This will be The Patio Group’s first Orange County location.
According to Yardi Matrix data, Hines purchased Intersect in 2015 from Menlo Equities for a little more than $45 million.
Image courtesy of Hines