How much does it cost to rent in the Jamboree office building?

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theBigD_IHB

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The office building off of Jamboree, next to the Marquee towers looks fantastic. I believe the top 4 or 5 floors were meant for New Century and still sit empty. There are some floors in the middle that have been rented out and more emtpy towards the bottom.



Does anyone know the $ per square foot? What the terms are? Even telling me the name would be helpful. :) I'm not so interested that I want to call, but if someone has the info, that would be great. Thanks!
 
I think you mean <a href="http://www.maguireproperties.com/3161Michelson/index.php">this building</a>

There's a law firm that is occupying the middle floors.



It looks like they were renting to New Century for $36/square foot. See <a href="http://contracts.onecle.com/new-century-financial/michelson-lease-2006-05-26.shtml">the lease </a>
 
$3/month/sf FSG for Class A in that area is very high for current market... I'd guess you could pick up similar quality space for $2.50-2.75 today. Class B in the area is asking around $2.40-2.50 but writing deals more like $2.25.
 
I hope they plan to fix the roads/traffic in that area. If that's the building that's near Houston's, getting in and out of the parking structure will be a nightmare.
 
[quote author="skek" date=1208489171]I believe the law firm is Gibson Dunn & Crutcher -- a top tier firm. I've heard there is a fire pit on the roof, and that you can reserve time up there for company events, happy hours, etc. Supposed to be a pretty high tech bldg, too. I don't have any first hand info, though, and you can definitely see how many of the floors are unimproved and vacant at the moment.</blockquote>


As of February, that building was 68% vacant. Maguire is hurting. Cap group bailed their Brea facility for the Spectrum and left them over 50% vacant in Brea. I think Maguire is only behind TIC in terms of vacancy rates right now and TIC always leads the pack there I believe. TIC bastards don't deal even in bad markets...
 
How much space you looking for?



I have a bud w a class B building in Newport, next to 57 south of John Wayne used to have an engineering firm occupy the top floor. Engineering firm vacated for smaller space as business shrunk and lease was comming up for renewal.
 
[quote author="ABC123" date=1208489241]I hope they plan to fix the roads/traffic in that area. If that's the building that's near Houston's, getting in and out of the parking structure will be a nightmare.</blockquote>


The company my wife works for looked at moving into that building and the parking situation is a big reason why they decided to pass. She said it would be a disaster trying to explain to clients how to get to the office.
 
[quote author="ipoplaya" date=1208489162]$3/month/sf FSG for Class A in that area is very high for current market... I'd guess you could pick up similar quality space for $2.50-2.75 today. Class B in the area is asking around $2.40-2.50 but writing deals more like $2.25.</blockquote>


Maguire is definitely feeling the pain. I personnally don't think they will get out of the recession in one piece.



Just to clarify ipop, is $3 per sf for class A top floor tower construction really that high? I thought that costa mesa center? tower was advertised at $10 per sf. I know the wilshire cooridor in westwood is achieving mid $4's, of course that's LA, not OC.
 
For a trophy building, $3/sf is not that high. Then again, trophy buildings are going to lease out well no matter what the market is doing.



For good class A space in the airport area in general, it is high right now. You can definitely get rates in the mid to high $2 range.



Maguire has some tenants in 3161 for over $4/sf. New Century's deal was going to be a decent one assuming that building rented out.
 
"For a trophy building, $3/sf is not that high." but you just said that it was very high. I'm sure they are looking for way over $3 psfm on the top floor of that new building.
 
[quote author="jcaraway" date=1208496376]"For a trophy building, $3/sf is not that high." but you just said that it was very high. I'm sure they are looking for way over $3 psfm on the top floor of that new building.</blockquote>


You need to read closer jc, I said $3/sf is high for a class A building in that area (airport) for the current market. I didn't say it was high for that building...
 
[quote author="ipoplaya" date=1208499942][quote author="jcaraway" date=1208496376]"For a trophy building, $3/sf is not that high." but you just said that it was very high. I'm sure they are looking for way over $3 psfm on the top floor of that new building.</blockquote>


You need to read closer jc, I said $3/sf is high for a class A building in that area (airport) for the current market. I didn't say it was high for that building...</blockquote>


sorry didn't realize you were being general when everyone else was being specific.
 
According to CBRE's 2008 Q1 report, the greater airport area of Irvine rents for $2.88 a sqft. down $2.98 from last quarter, the highest vacancy rate in OC at 15.9%, a negative absorption of -653,000 sqft. for the quarter (I will dig up annual numbers later).



As for OC as a whole, class A rents are down to $3.01 a sqft. from $3.13 a quarter ago. OC had a negative absorption of over 1.1 million sqft., and roughly 2.5 million sqft. on a annual basis.



I hope you don't drink the Kool-Aid like CBRE is, because this is ugly, and it doesn't look like it is getting any better.
 
[quote author="ipoplaya" date=1208489738][quote author="skek" date=1208489171]I believe the law firm is Gibson Dunn & Crutcher -- a top tier firm. I've heard there is a fire pit on the roof, and that you can reserve time up there for company events, happy hours, etc. Supposed to be a pretty high tech bldg, too. I don't have any first hand info, though, and you can definitely see how many of the floors are unimproved and vacant at the moment.</blockquote>


As of February, that building was 68% vacant. Maguire is hurting. Cap group bailed their Brea facility for the Spectrum and left them over 50% vacant in Brea. I think Maguire is only behind TIC in terms of vacancy rates right now and TIC always leads the pack there I believe. TIC bastards don't deal even in bad markets...</blockquote>


I thought that Cap Group built a new campus on Irvine Ctr near the Spectrum, but not at the Spectrum?
 
[quote author="JVNA" date=1208561919][quote author="ipoplaya" date=1208489738][quote author="skek" date=1208489171]I believe the law firm is Gibson Dunn & Crutcher -- a top tier firm. I've heard there is a fire pit on the roof, and that you can reserve time up there for company events, happy hours, etc. Supposed to be a pretty high tech bldg, too. I don't have any first hand info, though, and you can definitely see how many of the floors are unimproved and vacant at the moment.</blockquote>


As of February, that building was 68% vacant. Maguire is hurting. Cap group bailed their Brea facility for the Spectrum and left them over 50% vacant in Brea. I think Maguire is only behind TIC in terms of vacancy rates right now and TIC always leads the pack there I believe. TIC bastards don't deal even in bad markets...</blockquote>


I thought that Cap Group built a new campus on Irvine Ctr near the Spectrum, but not at the Spectrum?</blockquote>


I think you are right JVNA. I have no idea where Cap Group specifically went. Spectrum is an area term in local commerical real estate, i.e. airport area, Spectrum, URP, etc. That is how I meant to use it.
 
[quote author="ipoplaya" date=1208562376][quote author="JVNA" date=1208561919][quote author="ipoplaya" date=1208489738][quote author="skek" date=1208489171]I believe the law firm is Gibson Dunn & Crutcher -- a top tier firm. I've heard there is a fire pit on the roof, and that you can reserve time up there for company events, happy hours, etc. Supposed to be a pretty high tech bldg, too. I don't have any first hand info, though, and you can definitely see how many of the floors are unimproved and vacant at the moment.</blockquote>


As of February, that building was 68% vacant. Maguire is hurting. Cap group bailed their Brea facility for the Spectrum and left them over 50% vacant in Brea. I think Maguire is only behind TIC in terms of vacancy rates right now and TIC always leads the pack there I believe. TIC bastards don't deal even in bad markets...</blockquote>


I thought that Cap Group built a new campus on Irvine Ctr near the Spectrum, but not at the Spectrum?</blockquote>


I think you are right JVNA. I have no idea where Cap Group specifically went. Spectrum is an area term in local commerical real estate, i.e. airport area, Spectrum, URP, etc. That is how I meant to use it.</blockquote>


I think you're talking about the huge Cap Group campus off Irvine Center Drive...south of Jeffrey.
 
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