University Research Park Off to Good Start

The Irvine Co. is accelerating its development plans for University Research Park, the planned 1.4-million-square-foot research and development complex adjacent to UC Irvine.

So far two two-story buildings have gone up at the site, one for the research arm of America Online Inc., the other to house a high-tech company that prefers to remain anonymous, said Richard Sim, group president of Investment Properties for the Irvine Co.

Company officials plan to break ground for two more buildings in the next few days--much sooner than expected. Sources say the company has lined up a computer-related tenant, but no lease has been signed. Sim said if a deal is signed for this second phase, the company will proceed with a third phase--also two buildings--within 90 days.

That’s quite a start for the park, which opened last year primarily as a location for biomedical and pharmaceutical companies looking to tap into university research. It now appears the park appeals to a wider audience of high-tech companies interested in hiring UCI’s 800 computer science students.

Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832.