IRVINE, Calif. – Stream Realty Partners announces extensive building improvements and rebranding of Von Karman Tech (VKT), formally known as Von Karman Business Park, located at 16842 Von Karman Ave in Irvine. Major renovations include construction of creative office spec suites, upgraded lobbies and common areas and a new external building façade.
The property was recently purchased by HighBrook Investment Management, LP, a New York-based real estate private equity fund, which invested $1.5 million into modernizing the two-story building. In addition to leasing the property, Stream Realty was selected to manage and rebrand Von Karman Tech under the new ownership. In an effort to upgrade the campus to balance modern corporate sophistication and functionality, construction enhancements include:
- Modernizing of the building façade
- Creative office-inspired tenant improvements
- Pedestrian boardwalk around the building creating a campus setting
- Branded signage unifying the property
- Addition of dramatic exterior lighting
- Fully-renovated common areas with contemporary flooring, stainless steel staircases and high-end finishes
- Lush landscaping and outdoor seating areas
- Wi-Fi connectivity throughout
“Tenants today are searching for modern features and amenities within their office space,” said Colby Annett, co-managing partner of Stream Realty. “We are pleased to say Von Karman Tech now offers both traditional- and modern-cultured companies an office that will suit individual needs and preferences at an affordable rate.”
The two-story building was originally built in 1980 and boasts 100,603 square feet of office space adjacent to The District at Tustin Legacy, a stylish and upbeat retail, dining and entertainment center. With close proximity to John Wayne International Airport and the I-405, I-5, CA-55 and SR-241 freeways, Von Karman Tech is easily accessible from any location in Southern California.
“Stream Realty has an excellent understanding of the type of office space that Orange County businesses desire,” said Robert Giusti, Managing Director with HighBrook Investment Management, LP. “The firm provided valuable insight throughout the renovation process which allowed us to focus on property improvements that would be accretive to our investment.”
Von Karman Tech was 63 percent leased prior to Highbrook’s acquisition in January of 2013 and Stream Realty has been successful in increasing occupancy to the current level of 82 percent in just the first ten months of ownership. The building has four available suits remaining that range in size from 2,938 to 9,313 square feet and offer private offices, conference rooms and open collaborative areas. Prime building-top signage is available. Current tenants include Hosting.com, Stream Realty Partners and Lee & Sakahara Architects.
ABOUT STREAM REALTY PARTNERS:
Stream Realty Partners, L.P. is a full-service real estate investment, development and services company. Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 450 real estate professionals nationwide with office locations in Washington, DC; Atlanta; Austin, Texas; Charlotte, N.C.; Dallas/Ft. Worth; Denver; Houston; Los Angeles; Orange County, Calif., and San Antonio. Stream Realty leases and/or manages more than 4.3 million square feet of space in Southern California and more than 100 million square feet of commercial buildings in the nation; completes over $1 billion in real estate transactions annually; and is considered one of the most active investors and developers in the Southwest. Stream Realty creates a distinct culture that is best summarized by its company values: Nice. Smart. Honest. Passionate. www.streamrealty.com
Contact: Nicole Inal | Brian Devenny
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