(BREA, CA) – Hines, the international real estate firm, announced today a new partnership with AvalonBay Communities, Inc. to bring 653 high-quality multifamily residences to Brea Place, a mixed-use campus on 30 acres in Brea, California.
Hines acquired the campus which consists of six office buildings totaling approximately 556,000 square feet in 2014. To drive new businesses to Brea, Hines invested over $40 million in strategic capital upgrades and tenant improvements to the complex, including new lobbies, restrooms, a Class A conference/training center, new collaboration/game room, additional outdoor gathering spaces, and upgraded landscaping, which have greatly improved this premier office campus.
Brea Place has seen significant leasing activity over the last four years with approximately 40 deals signed totaling over 440,000 square feet, including Manufacturers Bank, Becton Dickinson, CoolSys, HdL, County of Orange, and TP Link joining the tenant roster from outside of Brea. Hines has also renewed key Brea businesses such as Chevron, Sully Miller, and Wells Fargo.
Hines Senior Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “We have experienced incredible leasing activity equating to 2,000 jobs created or maintained at Brea Place over the last four years. These firms and their employees demand high-quality housing that provides walkability to work and retail, top-of-the-line amenities, and all the comforts of a Class A campus environment. We are excited to partner with AvalonBay to offer this and more at Brea Place.”
Due to its central Southern California location, convenient access along the SR-57 freeway, and high-quality companies, Brea continues to be a prominent employment hub. Brea has a daytime population of 100,000 with 60 percent of those being commuters, creating a significant need for housing. As a result, Hines entitled 653 apartment residences to appeal to members of that workforce looking for an upscale “Live, Work, Play” environment. Hines is partnering with AvalonBay Communities, Inc. to deliver these units by 3Q 2020. Advanced design for the apartments and construction of the parking garage expansion to bring the upgraded campus to life are underway. Ground breaking for the apartment buildings is scheduled for 1Q 2019.
AvalonBay Senior Vice President Mark Janda, who leads the company’s Southern California Development Group, said, “We are happy to partner with Hines in bringing a new community to Brea that will put jobs, housing, recreation and retail together in a truly walkable neighborhood.”
The 529,000-square-foot project will include 425 units in the southern building, plus 5,000 square feet of ground-floor commercial space at the highly trafficked State College Boulevard and Birch Street intersection. The northern building will have 228 units, located along the Tracks at Brea. Designed by Architects Orange, the multifamily project will include outdoor plazas, a farmer's market, a multi-use area and a pedestrian paseo for the entire community to enjoy.
About AvalonBay Communities, Inc.
As of March 31, 2018, the Company owned or held a direct or indirect ownership interest in 288 apartment communities containing 84,162 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development and 15 communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company’s website at http://www.avalonbay.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.