Bausch & Lomb Leases 24,000 SF at Summit Campus
September 19, 2008
GlobeSt.com
Bausch & Lomb has signed a five-year lease to relocate its global surgical headquarters to 24,000 sf at the four-story 30 Enterprise building at the Summit Office Campus. Rochester, NY-based Bausch & Lomb plans to move into its new space in January and will occupy a full floor at the Summit development, which is a joint venture of Aliso Viejo-based Parker Properties and Rreef Alternative Investments.
The building that Bausch & Lomb will be moving into is part of the newest speculative phase built at Summit, which includes 1.5 million sf of space completed to date. The project's latest phase encompasses 260,000 sf of speculative office space including two, four-story buildings that are targeted for Silver LEED certification.
The new Summit tenant chose the project because the location is convenient for business purposes and also "because it is perfect for our employees and provides the right reflection of our brand," according to Andy Corely, global president of Bausch & Lomb's surgical business unit. The Summit campus is located off the 73 Tollway in the center of Aliso Viejo.
Terms of the lease were not disclosed. Bausch & Lomb was represented by Greg Ficke of Cushman & Wakefield, with Parker Properties and Rreef represented by Ted Snell, Carol Trapani and Allison Schneider of CB Richard Ellis.
The Summit Office Campus and the nearby business corridor are home to a number of technology and medical industry-related firms, notes Lee Redmond, chief executive officer of Parker Properties. Redmond cites Avanir Pharmaceuticals, TechSpace, DATAllegro, Valeant Pharmaceuticals International and Qlogic as some of the technology and medical companies that have located either at the Summit project or nearby.
The Bausch & Lomb deal is the latest in a host of leases and other developments at the Summit campus. TechSpace recently renewed its lease for 86,000 sf at 65 and 75 Enterprise at the campus, where Pacific Life's life insurance division completed its move of 1,000 employees into the company's new nine-story, 246,669-sf headquarters. The TechSpace lease, which runs to 2017, was valued at $25 million, according to a recent GlobeSt.com report.
Renaissance ClubSport recently staged the grand opening of its first full-service hotel and fitness resort in Aliso Viejo, the first in Orange County for the hotel operator. The new boutique-style hotel and fitness resort provides 174 guestrooms, a 75,000-sf fitness facility, 5,500 sf meeting space plus a restaurant and lounge to serve Summit Office Campus businesses and the surrounding area.