TUSTIN, Calif.--(BUSINESS WIRE)--Lincoln Property Company and Alcion Ventures have finalized a major land acquisition from the City of Tustin and begun construction of Phase 1 of a two-phased, 38-acre, state-of-the-art creative office campus in the heart of Orange County within the 1,600-acre master-planned community of Tustin Legacy.
The project team worked closely with the City over the better part of three years to create the vision for this modern office campus, widely considered to be Orange County’s most anticipated and significant ground-up office development in recent history.
Named FLIGHT at Tustin Legacy in reference to the property’s longtime use as a Marine Corps Air Station, the two-phased mixed-use campus will ultimately be comprised of 18 low-rise office buildings, retail areas, open space and market-leading amenities. Phase 1 will consist of approximately 470,000 square feet of office, restaurant and amenity space in 10 buildings spread over 17.5 acres and located immediately adjacent to the nearly completed 26-acre Tustin Legacy Park, connecting the new office campus with passive and active outdoor space and walking trails.
A signature feature of FLIGHT is Mess Hall Market, a 12,000-square-foot chef-driven, curated market food hall serving breakfast, lunch, and dinner, as well as a full-service bar. Building on the success of its recently opened Irvine market food hall known as TRADE Marketplace & Food Hall, the developers aim to bring an unparalleled on-site food and beverage amenity to the future employees of FLIGHT. Leasing efforts for Mess Hall Market, which will accommodate 12 vendors, are currently underway — anchor tenants will be announced in the fall.
The project also embodies cutting-edge creative office features such as inspiring architecture, curated art and 14-foot to 37-foot ceiling heights as well as innovative design elements. Most notably the progressive decentralized core floor plate design produces highly efficient space layouts with more usable interior square footage and encourages collaboration via modern workplace design strategies. The decentralized core also affords tenants the unique ability to create outdoor patios and entrances directly to their workspace from the exterior of the building — forgoing a traditional common office lobby entirely.
“This was a rare opportunity in Orange County to acquire a large centrally-located land parcel adjacent to substantial retail and residential uses,” said Mark Potter, Co-Founder and Partner of Alcion Ventures. “FLIGHT is more than office space — it will be an unmatched creative office environment for businesses and their employees who will be able to dine, exercise, socialize and enjoy the outdoors within the project.”
FLIGHT’s amenities include outdoor meeting spaces and flexible break-out rooms, indoor and outdoor fitness areas with space designed to hold exercise classes, a bike share program, dog walk and walking trails, and electric vehicle charging stations. FLIGHT will also feature extraordinary landscaping by the award-winning Rios Clementi Hale Studios, who also designed the architecture and interiors of the project, as well as full-scale art murals and curated imagery throughout the campus.
“This is an exciting milestone in creating what will be a dynamic employment hub in the area,” said Parke Miller, Executive Vice President of Lincoln Property Company. “There will be truly nothing like it in Orange County, and maybe anywhere in the greater Western United States. The location, architecture and amenity package is extraordinary, and no other office property has a public park as its backyard. Prospective tenants may be most impressed with how efficient the buildings space plan is, creating occupancy cost savings as a result of needing to take less rentable square feet at FLIGHT than typical office product. The overall value proposition is significant.”
With close proximity to several major area freeways, including the 55, 405 and 5, plus adjacent toll roads, employees from across Southern California will have convenient access to the site. FLIGHT is also located minutes from the Metrolink Tustin Station, making public transit an option for employees getting to and from work.
“We are thrilled to see the vision of Tustin Legacy continue to be fulfilled with the addition of FLIGHT at Tustin Legacy,” said Mayor Dr. Allan Bernstein of the City of Tustin. “The campus will add high-quality, in-demand creative office space to Orange County in a very centralized location, making Tustin a premier choice for employers.”
The project will be constructed in phases. The project’s first phase, which includes four 4-story office buildings, a collection of four custom-built incubator-style office buildings dubbed the Platform Campus, the Mess Hall Market, and a conference center, is expected to be completed in late 2018. Rios Clementi Hale Studios is responsible for the architecture, landscape, interior design and urban planning of FLIGHT.
Construction financing was brokered by Holliday Fenoglio Fowler, L.P. and provided by ACORE Capital and iStar, Inc. Ted Snell, Chris Bates, Eric Snell of CBRE represented the City of Tustin in the transaction. Jeff Pion, David Dowd, Matt Didier and Jennifer Whittington of CBRE will serve as office listing agents.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States.
Access www.lpcwest.com for more information.
About Alcion Ventures
Founded in 2004, Alcion Ventures is a real estate investment manager with extensive experience of generating risk-adjusted returns for institutional investors through the active repositioning of assets across property types. Alcion's senior team have worked together for almost two decades resulting in a disciplined, thesis-driven investment strategy that leverages a deep network of relationships and targets seven major North American cities. Based in Boston, Alcion invests on behalf of major U.S. and international institutional investors including public and private pensions, endowment and foundations and high net worth individuals. For more information, please visit www.alcionventures.com.
FLIGHT Project Description
Lincoln Property Company redeveloped the former Marine Corps Air Station in Tustin, CA, into a 870,000-square-foot, eight-building, mixed-use office campus. FLIGHT — the area’s first major office project in more than 15 years — delivers a workplace experience to improve livelihood and efficiency across 38 acres. The design borrows cues from the aviation vernacular with large, light-filled floor plates and double-height buildings to recall airplane hangars that once occupied the site. Rather than a central core and lobby in each building, all common areas, elevators, and stairs are oriented outside to connect to the landscape. This bold strategy delivers more useable interior square footage and encourages interactions among employees. Tenants have easy indoor/outdoor accessibility from exterior spaces into their own work areas. The campus provides direct access to a park, inspiring artwork, dining and retail options, and other amenities. Rios Clementi Hale Studios is responsible for the architecture, landscape, interior design, and urban planning of FLIGHT.