The Koll Co. bought a 14.5-acre site in Irvine from a big developer that doesn't often sell its land, the Irvine Co.
Koll, a Newport Beach-based developer, plans to construct 13 buildings of one and two stories--a $25 million project--at the Irvine Co.'s Irvine Spectrum, a huge office development planned for the intersection of Interstates 5 and 405.
Koll Alton Plaza will be aimed at tenants that Koll Co. thinks have not yet been targeted by Spectrum: Midsized high-tech and service companies that want a high-visibility location. So far, buildings in the Spectrum have aimed at tenants needing 50,000 square feet of space or more, said Bill Dennis, a vice president at Koll, while some industrial buildings cater to small companies needing less than 3,000 square feet, he said. The Koll buildings will target companies needing 3,000 to 20,000 square feet.
Koll said it paid $11.75 a square foot for the site, or a total of $7.4 million.