Tishman Speyer and Mitsui Fudosan America, Inc. today announced the acquisition of a 31.9 acre, fully-entitled development site at the Great Park Neighborhoods mixed-use community in Irvine, CA, which is located in one of the premier industrial markets in Southern California.
Great Park Neighborhoods is located within a growing metropolitan area that is in close proximity to John Wayne Airport and the Los Angeles port complex. It is also situated at the confluence of two major freeways – I-405 and I-5. Tishman Speyer intends to develop four best-in-class industrial buildings totaling approximately 600,000 square feet. The parcel, which is situated within the southern portion of Irvine’s Great Park Neighborhoods’ Master Plan area, benefits from direct freeway access, extraordinary signage identity and the flexibility to accommodate a diverse array of users.
The South Orange County industrial market has seen virtually no new developments since the late 1990s, and the vast majority of inventory is now between 30 and 40 years old. Construction on the first phase of the project is slated to begin during the fourth quarter of 2024.
“Great Park Neighborhoods is a perfect example of the type of ground-up development that we envisioned when we created our industrial platform with Mitsui Fudosan America,” said Tishman Speyer Managing Director and Head of Industrial Andy Burke. “Utilizing our long-established local team, we were able to source a rare opportunity to create a well-located industrial facility that offers modern specifications within a severely supply-constrained and high-barrier urban center.”
Tishman Speyer has devised a plan for four buildings ranging in size between 73,000 and 203,000 square feet. The highly flexible and easily divisible buildings will allow for a variety of users. The development will accommodate the large universe of customers looking for distribution facilities, warehouses, manufacturing, and other flex uses currently in demand throughout Irvine and Orange County.
The Great Park Neighborhoods Parcel is the second acquisition via the Tishman Speyer-Mitsui Fudosan America Logistics Venture. The joint venture, which was seeded by an initial $500 million commitment from MFA along with co-investment capital from Tishman Speyer, was created in 2022 to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions in the U.S.’s major urban centers.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 36 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 533 properties, totaling 223 million square feet, with a combined value of over $129 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Mitsui Fudosan America (mfamerica.com)
Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co., Ltd., a publicly traded company with approximately $66 billion of assets. MFA is responsible for Mitsui Fudosan’s real estate investment and development activities in North America, and is headquartered in New York City, with regional hubs in Washington DC, San Francisco, Los Angeles, Dallas and Honolulu. MFA has been active in the United States since the 1970s and currently owns assets in the New York City, Washington DC, Boston, Seattle, San Francisco, Los Angeles, Dallas, Houston, Phoenix, South Florida, Hoboken, San Diego, Denver, Atlanta, Nashville and Honolulu metropolitan areas. MFA’s U.S. portfolio includes approximately 9.1 million square feet of commercial space, 3.6 million square feet of commercial space under development, 4,000 operating residential apartments, and 7,100 additional rental units under development, as well as 740 hotel rooms. Additionally, MFA has recently developed several condominium projects in the New York and Washington DC markets.
