By Staff Report
The expanded JLL brokerage has moved into a combined office space in Irvine.
Following the acquisition of HFF in summer 2019, the firm has been working on consolidating two offices, one in Irvine and the other in Newport Beach. The firm now is partly working in a 35,000-square-foot office at the Intersect campus at 17877 Von Karman.
The four-building, 430,000-square-foot Intersect is owned and operated by Hines and Newport Beach-based Pimco. The campus is also home to Hangar 24 Taproom & Restaurant, which is open using an expanded outdoor dining area and takeout.
JLL said its offices have room for 150 employees who specialize in leasing, management and capital markets. The firm is working at about 50% capacity in order to work at safe distances amid the COVID-19 pandemic.
The firm said in a statement that it designed the new space with a “mix of industrial and California coastal designs while providing a warm, inviting and naturally lit environment.”
JLL has moved into a new office space at Intersect, a four-building campus in Irvine. The space was built with COVID-19 protocols in mind, including more private offices, a use-every-otherdesk policy and other social distancing practices.
With the onset of COVID-19, JLL said it changed the construction to include taller plexiglass partitions on workstations, implemented social distancing plans and added more private offices and and every-other workstation policy.
The firm also is limiting the number of people allowed in the conference rooms and is providing personal protection equipment.
“Our re-entry implementation is ongoing with strict social distancing and health procedures in place as we monitor and adhere to local and state regulations,” Peter Belisle, JLL’s Southwest market director, said. “We have a strict return-to-work plan for those wishing to return to the office, with a maximum capacity of 50 percent.”
JLL’s Project and Development Services group, led by Nancy Soo, oversaw design and construction management of the space, working with architect H. Hendy Associates and general contractor Turelk.
New homes for Irvine
In case you missed this news reported last week, 68 affordable homes for income-qualified buyers are under construction.
Irvine Community Land Trust is building its first ownership project, Sage Park, on 4 acres north of Irvine Boulevard in the Portola Springs neighborhood. The nonprofit housing developer’s attached-home project, expected to be ready in 2022, will have 16 units with two bedrooms, 36 with three bedrooms and 16 with four.
The trust estimates pricing to start “in the low-$400,000s.” As a comparison, the typical Irvine home is valued at $933,518 by Zillow.
Sage Park buyers will have to meet income limits as well as qualify for a fixed-rate mortgage from a private lender. Income levels are yet to be set but last year they ran from $98,900 for two occupants to $133,500 for five.
Buyers can’t rent out the residences and there will be limitations on resales of the properties to keep them affordable.
Applications to enter a July lottery for a chance to buy at Sage Park will become available in the coming months. The trust’s Salerno project in Irvine drew 6,800 applications for an 80-unit apartment complex.
— by Jon Lansner
People in real estate
Irvine-based Sabal Capital Partners, a firm specializing in commercial real estate, lending and investing, has added 14 new hires. Owen Bouton and Michael Cozza have been hired as managing directors of the company’s Commercial Mortgage-Backed Securities group.
Additional hires for Sabal’s agency programs include Christopher West as production manager of term lending sales, and Kerri Spalding-Thompson, underwriting manager in the Irvine office.
Michael Levendusky has joined Irvine-based Taylor Design, an employee-owned architectural, interior design and design strategy firm in Irvine, as design director. He has 30 years of experience in healthcare, corporate, science and technology, civic and residential projects of all sizes and scopes.
On board
USC’s Lusk Center for Real Estate has appointed Bill Witte, chairman and CEO of Related California, as its board chair, and Nadine Watt, CEO of Watt Companies, as vice-chair. Witte becomes board chair after serving for three years as vice-chair. He replaces Emile Haddad, chairman and CEO of FivePoint Holdings, who served as chair since 2017. Watt has more than 20 years of experience in real estate and oversees day-to-day activities and strategic planning for all of Watt Cos.’ commercial investment activities.
The original article can be found here.