Harbor Associates and Singerman Real Estate are revamping two office buildings in South Orange County.
Harbor, based in Long Beach, and Chicago-based Singerman have launched their renovation of the five-story buildings at 15 and 25 Enterprise in Aliso Viejo, the Orange County Business Journal reported. Together the buildings have 295,000 square feet of space.
Harbor bought the 20-year-old buildings at the Summit Office Campus in March 2021 for $92 million, or $310 per square foot.
The renovation will convert the buildings into a “wellness, work and community-focused office campus,” now called Parkline, Allison Schneider Kelly of CBRE told the Business Journal.
Parkline will be redesigned inside and out, and include upgraded lobbies, restrooms and office space while maintaining the same footprint within the 1.7 million-square-foot master-planned office campus.
The makeover is expected to be completed by next summer.
The 15 Enterprise building is now 70 percent leased, according to CoStar Group. Its 25 Enterprise neighbor is fully occupied with the largest tenant being Vylla, an affiliate of Carrington Mortgage Services, which takes up more than 90,000 square feet.
Other tenants include vitamin and supplement maker Metagenics and device maker MicroVention.
Harbor is backed by Bascom Group, an Irvine-based real estate investor best known for its national apartment portfolio. The company initially focused on small and midsized offices, but has been looking at larger projects.
Prior to the Summit acquisition, Harbor made two of its largest deals in 2019 when it bought two office properties in Downtown Anaheim and in Laguna Niguel for a combined $80 million.
— Dana Bartholomew
Read more
Commercial
Los Angeles
DJM adds shopping center in Mission Viejo to portfolio
Commercial
Los Angeles
CBRE buys medical offices in Mission Viejo for $135M