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10/30/14
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In recent OC office leasing news, the law firm of Snell & Wilmer signed a 53k sf renewal deal at Plaza Tower in Costa Mesa. Plaza Tower is a 21-story, Class A office high-rise designed by renowned architect Cesar Pelli. The 470k sf foot building is located at 600 Anton Blvd, next to the 405 Fwy and adjacent to South Coast Plaza and the Segerstrom Center for the Arts.
Snell & Wilmer has been located at the building since 2004. Plaza Tower, Center Tower and Park Tower collectively house ten of the 19 ‘Am Law 100’ law firms in Orange County, making these South Coast Plaza office buildings the preeminent location for law firm tenants in the submarket.
Snell & Wilmer, celebrating its 25th anniversary in Orange County, says its decision to remain at Plaza Tower was based on many factors. “Plaza Tower is an iconic building, well located in Orange County’s cultural center and in close proximity to the Santa Ana courthouses, the airport and many of our clients and peers,” said William O’Hare, Administrative Partner in charge of Snell & Wilmer’s Orange County office. “We are also pleased with the look and function of our space and with the quality of services provided by the building owner.”
Cushman & Wakefield’s Rick Kaplan, Robert Lambert and Matt Moore represented Plaza Tower in the transaction. Snell & Wilmer was represented by Kevin Bender and Steve Bay of CBRE. Snell & Wilmer’s architect is Brian Koshley of IA/Interior Architects.
According to Cushman & Wakefield’s Third Quarter Office Report, the Greater Airport Area has accounted for 50.1% of year-to-date leasing activity in Orange County, with a recorded 965.6k sf of year-to-date positive net absorption—by far the highest in Orange County.
In addition, the overall vacancy rate in the Greater Airport Area declined 110 basis points from 14.6% to 13.5% over the past 12 months, the lowest since 3Q 2007. According to the report, the Greater Airport Area’s year-to-date new leasing activity of 3.12 msf represents a growth rate of 17.4% when compared to the same time last year.
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