Trammell Crow to Build Arena Corporate Center
Despite a softening market, developer Trammell Crow Co. said Monday it plans to build a $75-million office complex next to the Arrowhead Pond in Anaheim.
The developer has not signed any tenants for the project, which will consist of three Low-rise buildings totaling 385,000 square feet on a 23-acre site.
Although office vacancies are climbing and more complexes are being built, particularly in south Orange County, Trammell Crow hopes to capitalize on a lack of low-rise office space in the central area, said John Harty, a vice president at the company.
The office vacancy rate in Orange County rose to 12.8% in the second quarter from 11.2% in the first three months, according to CB Richard Ellis, a Los Angeles-based real estate brokerage.
But office campuses in central Orange County have been in demand, analysts said, noting that the site’s proximity to households in the Inland Empire and Los Angeles County could help attract tenants.
The campus, Arena Corporate Center, is expected to be completed by the second half of 2002.
Trammell Crow, which manages 65 million square feet, or $8 billion worth of commercial properties in Southern California, has 55 projects under construction.
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