CB Richard Ellis and FPA Governor Park Associates LLC announced the start of a capital improvement program for two office buildings.
The newly acquired buildings known as Two Governor Park and Five Governor Park are located at 6310 Greenwich Drive and 5060 Shoreham Place.
Planned improvements include new roofs on both buildings, sign upgrades, HVAC upgrades and deck walkway improvements. New paint, common area upgrades and landscaping improvements will give Two Governor Park a modern look. The project also will instill on-site property managers to attend tenants’ needs at both locations.
Newport Beach-based Redwood Construction Co. is the general contractor on the project and has provided an on-site construction manager to ensure schedule and budget goals are met.
FPA Governor Park Associates acquired the buildings from McMorgan and Co. in December of 2008.
The buildings offer office space in a variety of sizes, including suites smaller than 1,000 square feet and as large as 8,000 square feet.
The leasing team on for the properties is comprised of Scott Kincaid, Andy Taylor and Tyler Gossett of CB Richard Ellis. Recent leasing activity totals $2.2 million, including a five-year lease with UCSD for 13,871 square feet and a five-year lease with Relocation Coordinates Inc. for 2,277 square feet. Financial planning firm New Century Capital Management LLC also signed a four-year lease for 1,558 square feet.