So tough has the Orange County office market become that Douglas Development Co. has hired its first outside firm to help market an office building in Irvine.
Coldwell Banker's Newport Beach office will try to lure tenants into Tower 17, which opened in June.
Douglas Development, the real estate development arm of defense contractor McDonnell Douglas Corp., ordinarily does its own marketing.
The decision to turn to an outside firm was based on "the current difficult market conditions," said Executive Vice President Robert Young, "that require strong outside support to our in-house marketing staff."
Since the 17-floor building opened, the law firm of Pettis, Tester, Kruse & Krinsky has leased two floors; two other tenants have taken a floor each, and Douglas Development has moved its own corporate offices into another 6,700 square feet. But that accounts for only about 30% of Tower 17's 238,000 square feet.
Coldwell Banker First Vice President J. Clark Booth said the listing is "significant" because it is the first time Douglas Development has granted an exclusive listing on any part of Douglas Plaza, the 50-acre, 12-building office and retail development that includes Tower 17.