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VALLEY BUSINESS / SPECIAL REPORT: The 3rd Quarter in
Real Estate

Major Construction Projects Moving Ahead

Building: Trammell Crow is among busiest developers during a quarter that saw no shortage of activity.

October 10, 2000|BOB HOWARD | SPECIAL TO THE TIMES

The San Fernando Valley's biggest development--Walt Disney Co.'s proposed $2-billion Glendale campus--moved forward with the release of its environmental impact report during the third quarter, while a host of other projects were started, completed or announced.

Among the busiest developers of projects already under construction in the Valley is Trammell Crow Co., which is focusing on infill sites.

Infill is real estate terminology for the few undeveloped parcels of land sometimes found in otherwise fully developed areas--or for renovation of existing buildings in highly developed areas.

"There is not a lot of raw land for development in the Valley, but we feel there is quite a bit of demand for office as well as industrial, so we have looked for infill opportunities," said Tom Bak, a Trammell Crow managing director.

Bak said Trammell Crow sees a continuing demand for two- and three-story office space that is relatively inexpensive to build and is aimed at tenants who "are focused more on functionality than image."

He said the Valley office market is also driven by demand from tenants who are growing but want to stay in the Valley rather than move elsewhere to find larger spaces.

The high demand for office space is pointed up by the pre-leasing of most of the first phase of the LNR Warner Center office project in Woodland Hills, according to brokers John Sabourin and Marc Spellman of Colliers Seeley, who are marketing the development on behalf of owner Lennar Partners of Irvine.

Health Net recently signed a 10-year, $100-million lease for 288,000 of the 356,000 square feet in the project at Canoga Avenue and Burbank Boulevard, where construction of one 178,000-square-foot building is nearly finished and construction of the second began in the third quarter.

Construction of the second phase--three buildings totaling 310,000 square feet--is scheduled to begin in March, with completion slated for late 2002, according to Sabourin and Spellman. The entire four-phase, 1.2 million-square-foot project is tentatively slated to be finished by 2005.

The following is a list of other major office, industrial and shopping center projects that were started, completed, announced or moved toward governmental approvals during the third quarter:

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Project: Grand Central Creative Campus

Location: Grand Central Business Center, Glendale

Size: 3.6 million square feet on 125 acres

Type of building: offices and sound stages

Developer: Walt Disney Co.

Cost: $2 billion

Status: draft environmental impact report released, approval pending by Glendale City Council

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Project: LNR Warner Center

Location: Canoga Avenue and Burbank Boulevard

Size: two buildings of 178,000 square feet each

Type of building: office

Developer: Lennar Partners

Cost: $70 million for the two-building, first phase

Status: construction began on the second building and was nearly completed on the first

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Project: Burbank Airport Business Park

Location: Hollywood Way and Empire Avenue

Size: 650,000 square feet

Type of building: industrial

Developer: Zelman Development Co.

Cost: $65 million

Status: announced

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Project: Corporate Pointe at West Hills

Location: 8533 Fallbrook Ave., West Hills (former Coast Savings headquarters)

Size: 381,000 square feet

Type: office

Developer: Trammell Crow

Cost: $55 Million

Status: five buildings totaling 331,000 square feet completed in the second and third quarter of 2000. Construction began on one additional building of 50,000 square feet

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Project: Airport Business Park at Van Nuys

Location: 16555 Saticoy St., Van Nuys (former Marquardt site)

Size: 689,000 square feet (200,000 square feet existing, 489,000 to be built)

Type of building: industrial

Developer: Trammell Crow

Cost: $45 million

Status: renovations completed on existing buildings, construction begun on first phase of new buildings.

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Project: Media Studios North, Phase IV

Location: Empire Avenue and Ontario Street, Burbank

Size: 200,000 square feet

Type of building: office

Developer: M. David Paul

Cost: $40 million

Status: construction started

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Project: Airport Plaza

Location: 2940 N. Hollywood Way, Burbank

Size: 160,000 square feet

Type of building: office

Developer: Trammell Crow

Cost: $30 million

Status: demolition of existing structures completed and new construction begun, slated for completion in mid-2001

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Project: Vista Business Park

Location: 28945 N. Avenue Williams, Valencia Commerce Center

Size: 206,930 square feet

Type of building: industrial

Developer: Investment Development Services

Cost: $30 million

Status: construction started

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Project: Sunquest

Location: 12450 Branford St., Sun Valley

Size: four buildings, 100,000 to 150,000 square feet each

Type of building: manufacturing and warehouse

Developer: Sunquest Development/The Hewson Co.

Cost: $15 million

Status: announced

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Project: Cascades Business Park

Location: Balboa Avenue and Foothill Boulevard, Sylmar

Size: three buildings totaling 36,000 square feet

Type of building: warehouse and office

Developer: Royal Clark

Cost: $8.5 million

Status: construction started

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