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December 9, 2023
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SteelWave Buys 103k sf OC Creative Office Property


SteelWave recently acquired AIRspace, a 103k sf, high-identity, creative office asset in Tustin. Located at 15771 Red Hill, AIRspace is positioned within the Greater Airport Area submarket in the burgeoning Red Hill Corridor.

Previous ownership recently renovated the project with more than $5 mil in major improvements, including new punched-in windows/skylights, new HVAC units, lobby and exterior renovations, landscaping enhancements, a 16k sf exposed steel-frame structured mezzanine and overhead doors which open to a 3k sf outdoor amenity area. SteelWave intends to further improve the space by expanding the lobby and central corridor to better suit the project for multi-tenant purposes.

The property benefits from convenient access to the Newport Beach Freeway (SR-55), providing exceptional access to the Santa Ana (Interstate 5) and San Diego (Interstate 405) Freeways. Additionally, AIRspace is close to John Wayne International Airport and positioned in an amenity-rich environment featuring numerous dining establishments, boutique shops and a 1 msf retail center.

Tricon American Homes, one of the fastest growing residential companies in the country, just signed a lease for 78k sf at the property. Additionally, SteelWave is negotiating leases with a retail tenant for the remainder of the project, which will include a 15k sf distillery and tasting room and a 3k sf coffee roaster and café.

Although we don’t have any dollars in this deal, we can tell you that SteelWave purchased the property with a bank-provided acquisition and renovation loan arranged by HFF’s Pat Burger, John Marshall and Olga Walsh.

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