Foothill Ranch Co. to complete community Foothill Ranch Co. and Operon Group, in a joint venture, will develop the last 30 acres of available land in Foothill Ranch masterplanned community in the south Orange County, Calif., foothills. This will be the last phase of the project and will include three, three-story office buildings encompassing 214,000 sq. ft. of space. The 2,743 acres of undeveloped land was bought almost 10 years ago and now has more than 7 million sq. ft. of corporate headquarters, commercial and industrial space. Three industrial and business parks were planned: Foothill Corporate Centers I, II and III. Oakley's, a manufacturer of sport and designer sunglasses, is among the unique corporate headquarters in the Foothill Corporate Center II
Duke Realty breaks ground on Central Park of Lisle Phase II Duke Realty Investments, Lisle, Ill., recently broke ground on Phase II of Central Park of Lisle, a 300,000 sq. ft., eight-story, Class-A office facility in Lisle. The complex encompasses 25-acres. The new building will connect, with a covered walkway, to the 345, 000 sq. ft. Phase I building that was acquired by Duke in May 1997. Completion of Phase II is scheduled for December 1999.
Holder's Great Oaks Center to open ahead of schedule The Great Oaks Center in Alpharetta, Ga., set for completion in March 1999, will be completed a month ahead of schedule. The four-building, 200,000 sq. ft. Class-A office park developed by Holder Properties is located in the company's Royal 400 Business Park. Royal 400 is 90% leased and is home to tenants such as First Data Corp.
Lennar Partners pays $80 million for San Diego Spectrum The 232-acre San Diego Spectrum has been bought by Lennar Partners -LNR Kearny Mesa Inc., for approximately $80 million. The business park currently includes more than 100 acres and has an existing 200,000 sq. ft. free-standing four-story office building, which was constructed in 1990. When fully developed the business park will consist of approximately 2.5 million sq. ft. of office, corporate headquarters and research and development space. Also included are parcels for hotels and retail/commercial space.
$95 million multiuse complex in Schaumburg, Ill., breaks ground Ground has been broken on the Windy Point of Schaumburg office complex, comprising two seven-story, 187, 000 sq. ft. office buildings. The complex will be located in suburban Schaumburg, Ill. Land sales include a 4.7-acre site for LaQuinta Inns & Suites, a 2.9-acre site for Studio Plus and a two-acre site for Morton's restaurant. Fifield Realty is the builder, and BCA Architects is the designer of the twin buildings.
Management consultant leases space at 9 West 57th St. building Leasing management consultant Mitchell Madison Group recently leased 126,700 sq. ft. on four floors of the Manhattan office building located at 9 West 57th St. Containing 1.5 million sq. ft. the building is owned by Solow Building Co., LLC. Cushman & Wakefield represented Mitchell Madison Group in the transaction. Other tenants will include NationsBanc.
Koll Development expands into Washington, D.C., area Newport Beach, Calif.-based Koll Development Co. has expanded into the Washington, D.C., metropolitan area with the opening of its first East Coast office in McLean, Va. Koll joined forces with Metropolitan Partnership Ltd. to acquire two parcels of land that total more than 400,000 sq. ft. with a combined value of approximately $60 million. Dulles Technology Center, one of the projects being built on a 7.6-acre parcel, is a five-story, 187,500 sq. ft. office building. It is one of the many projects Koll plans for the D.C. area.