Summit Office Campus Reaches 94 Percent Occupancy

Summit’s 20 and 30 Enterprise buildings are now at 94 percent occupancy, according to the development and management team of Parker Properties, and its partner, RREEF Alternative Investments.

These buildings, which have obtained LEED Silver certification, are the latest ones constructed in the Summit Office Campus in Aliso Viejo—a 1.7 million square foot mixed-use office campus featuring 11 low-to mid-rise office buildings.

Over the last six months, six leases have been signed, totaling 140,596 square feet, with new and expanding leases including: Marvell Semiconductor, Inc., UST Global, Inc., AVANIR Pharmaceuticals, Inc., Telogis Inc., Johnny RocketsGroup, Inc., and Benefits Resource, LLC.

The strong performance comes at a challenging time in the office leasing market. While the County is showing some stability in its overall office market, at 2011’s second quarter, the south Orange County submarket had posted a 15.3 percent vacancy rate, according to CB Richard Ellis (CBRE) market reports.

“The vision for Summit was based on attracting industry-leading companies that want a great workplace at an amenity-rich location to attract and retain their best and brightest workforce,” said Russ Parker of Parker Properties. “The caliber of firms in technology, pharmaceuticals, medical devices and ophthalmology that are now looking to Summit for corporate headquarters and regional offices is a direct reflection of the quality of both this campus and the local community of Aliso Viejo.

According to the executives one of 30 Enterprise’s existing tenants, Marvell Semiconductor, Inc., which expanded into a total of 37,047 square feet of space in a five-year lease, they continue to be extremely pleased with the quality and operation of the property, adding that the recent lease renewal and expansion at Summit Office campus is an integral component to Marvell’s long-term business strategy.

“When you analyze the submarket, you’ll find that 20 and 30 Enterprise have done the most leasing in Aliso Viejo,” said Ted Snell of CBRE. “It’s all driven by the area’s vibrant food, retail and hospitality amenities, along with a superb location. It’s amazing to see the growth of technology, pharmaceutical and ophthalmology clusters at Summit. A first-class atmosphere attracts first-class companies.”

This latest edition of office clusters at Summit includes three water features and a 40-foot illuminated water wall, and is just steps from the Renaissance ClubSport, a unique boutique-style hotel and sports and fitness resort.