The Muller Co., a commercial real estate management and investment firm based in Laguna Hills, Calif., has completed nearly 180,000 sq. ft. in new leases and renewals at Torrey Pines Court in La Jolla, Calif., and Main Street Town Center in Santa Ana, Calif. Altogether, the leases are valued at nearly $41 million.
The leases bring Torrey Pines Court, a 200,000 sq. ft. office park, to 100 percent occupancy. The Muller Co. bought the five-building office park in 2005 in a joint venture with Rockwood Capital.
Three of the buildings were renovated and redeveloped into research and development facilities, at a cost of $26 million. Occupants include GSA, Scripps, Orexigen Therapeutics, and West Wireless Healthy Institute.
Scripps signed a 15,057 sq. ft., five-year lease and was represented by Brian Gallagher of Health West Realty Advisors of San Diego.
Orexigen Therapeutics signed a 22,229 sq. ft. lease with a 9,312 sq. ft. expansion in a 64-month lease and was represented by Scott Ginsburg of Staubach Co. in San Diego.
West Wireless Health Institute signed a 37,960 sq. ft., seven-year lease and was represented by David Marino of Irving Hughes in San Diego.
At Main Street Town Center, a 10-story, 215,000 sq. ft. Class-A office building owned by Muller in partnership with Rockwood Capital, 58,143 sq. ft. in new leases and lease renewals were completed. The building’s occupancy rate is 88% in a market with an 18% vacancy rate, said Jim Bannan, director of leasing and marketing for The Muller Co.