New in South Coast Metro 02-22-18 | South Coast Metro Office Gets Jolt With Revamp
From the Orange County Business Journal By Mark Mueller
Monday, February 12, 2018
South Coast Metro Office Gets Jolt With Revamp
Real Estate: Ground floor of office to get retail
The smallest of the four offices run by C.J. Segerstrom & Sons next to South Coast Plaza in Costa Mesa, the seven-story 3420 Bristol St., is getting a makeover designed to bring its appearance more in line with its high-rise brethren.
The midrise office, long known as the California Bank & Trust Building, is in the early stages of its largest design revamp since it opened in the late 1960s.
Plans call for the 66,835-square-foot building at the corner of Bristol and Sunflower Avenue to get a modern-looking shell, upgraded landscaping, patio space, and a new parking layout, according to city documents.
The entire first floor will be reconfigured to hold retail space rather than offices.
The ground floor will feature “floor-to-ceiling windows, modernized upscale touches, and accommodate a variety of space configurations, “property owners’ representatives said in a statement.
Costa Mesa-based C.J. Segerstrom & Sons, whose family-run business also owns and operates South Coast Plaza mall on the other side of Bristol, runs the property under the Office of South Coast Plaza banner.
The property’s long been overshadowed by the Office of South Coast Plaza’s other holdings in the vicinity: Plaza Tower, Center Tower and Park Tower, three of the city’s tallest and highest-end office buildings.
The three towers total more than 1.2 million square feet and house large law firms, accountants and other professional services firms as tenants.
Tenants at 3420 Bristol trend smaller, and the building commands less expensive rents than the three towers.
The largest occupant at 3420 Bristol is office-campus operator TechSpace Inc., an Aliso Viejo-based firm that offers smaller businesses flexible lease terms and ready-to-use technology. TechSpace has occupied two floors there since 2012 and is about halfway through an 11-year lease, according to Chief Executive Vic Memenas. The firm has two Orange County locations nationwide. Typical TechSpace tenants employ 10 to 20 people, and many have lease terms as short at six months.
It’s the only tenant leasing more than 10,000 square feet in the building, which is more than 90% occupied, according to CoStar Group Inc. records. The building upgrades should be a selling point for TechSpace as it prepares to compete for small area tenants.
Fellow shared-space office landlord WeWork Inc. said last month that it will move into about 40,000 square feet of amenity-laden space at the nearby Pacific Arts Plaza office campus, which is owned by Newport Beach-based Irvine Co.
The changes coming to the Bristol Street building “will only make it more attractive” to smaller tenants seeking flexible office space, Memenas said. “You can’t beat the location; it really is located at Main and Main,” he said.