Pacific Life Insurance Company Signs Letter of Intent to Purchase Up To 5.5 Acres at Summit Office Campus in Aliso Viejo
April 11, 2008
- Agreement will be finalized over the next two months
- Parker Properties will develop a single, multi-story office building
- Pacific Life will consolidate approximately 1,000 employees to this new location by the first quarter of 2008
- Pacific Life will retain its corporate headquarters location at Newport Center in Newport Beach
NEWPORT BEACH, Calif. (April 11, 2006)- Pacific Life Insurance Company and Parker Properties jointly announced today that they have agreed to terms of the purchase and development of 45 Enterprise at the master-planned, 1.8 million-square-foot Summit Office Campus in Aliso Viejo. The selection of the site allows Pacific Life to begin final negotiations to develop the property with resolution anticipated in approximately two months. The project, to be developed by Parker Properties, will consist of a single, multi-story office building of up to 242,000 square feet and an adjacent parking structure. The property is approximately 5.5 acres and is located near the 73 San Joaquin Transportation Corridor and Aliso Viejo Parkway. Construction will likely begin in the third quarter of 2006 with business operations beginning the first quarter of 2008.
Pacific Life intends to use this new facility to consolidate approximately 1,000 employees from its Foothill Ranch and Newport Beach locations, in addition to retaining its corporate headquarters located at Newport Center in Newport Beach. "Between our corporate headquarters and this new location in Aliso Viejo, Pacific Life can house all of its local employees, which number approximately 2,500 today, in these two facilities," said Thomas C. Sutton, Chairman and CEO of Pacific Life. "Currently, Pacific Life employees in Orange County are spread out across several buildings."
Sutton continued, "It has always been our intent to maintain a strong business presence in the Southern California area. Aliso Viejo provides an attractive location with many short and long term benefits for our employees and for our company. An abundance of amenities are within walking and driving distance of this new location and it is located less than fifteen minutes away from our headquarters in Newport Beach."
"We are thrilled that Pacific Life recognizes the great business environment at Summit Office Campus. With a new RenaissanceClubsport facility, a 174-room hotel and 65,000-square-foot sports club under construction across the street, Pacific Life employees will experience the enhanced benefit of yet another premium amenity within the city of Aliso Viejo," added Lee Redmond, CEO of Parker Properties.
Carmen Vali-Cave, Mayor of Aliso Viejo said, "Aliso Viejo has focused on providing the highest quality of life for both leisure and business. With this latest chapter of Summit's evolution, Aliso Viejo has developed into a fully-balanced community with excellent opportunities to live, work, and play."
Royce Sharf and Kelly Givens of Studley Inc. represented Pacific Life and John Desper, Allison Schneider and Ted Snell of CBRE, Inc. represented Parker Properties.
About Pacific Life Insurance Company
Founded in 1868, Pacific Life provides life insurance products, individual annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as clients1 and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.
About Parker Properties
Parker Properties is a commercial real estate firm whose principal focus is the profitable development and value-added acquisition of office, medical office and industrial projects in Southern California. Located in Aliso Viejo, California, the company was formed in 1976 to create innovative campus projects that excel in anticipating and meeting tenant's needs. Parker Properties' expertise includes development, construction management, asset management, marketing and leasing, property management, and real estate finance. The principals of the company, combined, have developed and/or acquired 7.1 million square feet of office, industrial and retail projects throughout California. Parker's current projects exceed 500,000 sf including: the ongoing development of the six-phase, 1.8 million-square-foot Summit Office Campus in Aliso Viejo, The Summit at Tri-City, and Summit Oaks in Valencia.