DBC

In late 2018, Arch Anchor, in partnership with Waterford Property Company, was retained by Panattoni Development Company to work as development partners for their new office campus. 

Recognizing their expertise in the industrial realm, Panattoni charged the development partners with the acquisition, redevelopment, and leasing of Panattoni’s office property for both its own business operations and as a potential long-term investment property.

The partnership identified a multi-tenant flex-office property in Irvine (within the John Wayne Airport sub-market), then called Dupont Business Center. Owned at the time by Allergan Pharmaceuticals, who was in the process of disposing of excess real estate, the property had been largely undermanaged with deferred maintenance, along with many vacancies and tenants in significantly below market rents.

Ultimately, the partnership established a business plan focused on converting and re-branding the project to a vibrant creative office campus, taking advantage of its high ceilings, natural light, concrete panel construction and surface parking.

This effort included bringing in a marketing firm to reimagine the project, renaming it DBC, a nod to a more modern and creative image to cater to a higher quality tenant.

The property underwent a full exterior site renovation, introducing new outdoor amenities, private patio areas, EV charging stations, new landscaping, roofing, HVAC and other significant improvements. All interior spaces were transformed into a modern open office plan, including multiple spec suites all which were fully leased at attractive rents to a variety of notable companies. Today, DBC is the national or regional headquarters of several companies, including TCA Architects, Lutron Electronics, Alliance Residential, Alston Construction in addition to Panattoni Development Company’s national headquarters.  

Overall, the business plan was successfully executed and a tremendous amount of value was created via the physical transformation of the property and the subsequent lease-up.

TYPE: Creative Office

LOCATION: 2442 Dupont Drive, Irvine, CA

SIZE: 50,000 RSF

STATUS: Fully Leased / Long Term Investment