The City of Tustin has now entered into an Exclusive Negotiation Agreement with Lincoln Property Company (Lincoln), a Dallas-based real estate developer with Southern California offices, to pursue development for Cornerstone I at Tustin Legacy.
The proposed creative office campus would be built on 37 acres of land at the southwest edge of Tustin Legacy, a master-planned community. Based on a proposal presented to Tustin by Lincoln, approximately 760,000 square feet of creative office space is proposed along with almost 100,000 square feet of support uses, a food hall, supporting retail, outdoor meeting and gathering spaces, as well as structured and surface parking.
The Cornerstone I site benefits from its location at the intersection of Barranca Parkway and Armstrong Avenue, adjacent to Legacy Park that is planned to run through a portion of Tustin Legacy, further enhancing the campus environment.
“We interviewed a number of qualified development firms but believe that Lincoln best shares our vision for Cornerstone I,” said Jeff Parker, Tustin City Manager. “They bring a strong track record for developing the kind of commercial projects that meet the evolving needs of today’s innovative and dynamic firms. New office development at Cornerstone I will add to the unique opportunity we have at Tustin Legacy to create a strong jobs base and bring about greater economic investment in the City of Tustin.”
According to Kevin Hayes, Executive Vice President at Lincoln Property Company, “The Orange County market is hungry for innovative development. The City of Tustin has mindfully planned the redevelopment of former MCAS Tustin and set the stage for Cornerstone to meet that demand with a creative office campus that is lively and cutting-edge.”
“We intend to develop a project that is flexible enough to accommodate the way we will work twenty years from now,” continues Kevin Hayes. “Cornerstone promises to be rich in experiential retail amenities. Located adjacent to an incredible park that will bring nature into the work setting, it will offer an inspiring environment for those companies seeking to thrive in Orange County and beyond.”
Tustin Legacy, formerly known as Marine Corps Air Station (MCAS) Tustin, encompasses a total of 1,600 acres in the heart of Orange County. Since the marine base was officially conveyed in 2002, the City of Tustin has overseen planning, development and significant infrastructure investment for a new master-planned community that connects residents and businesses with a collection of retail and restaurant amenities, open space, quality neighborhoods, schools and services.
“We’ve already experienced a great deal of success at Tustin Legacy as new infrastructure is built further connecting the neighborhoods and developments that have already taken root. It has been exciting to partner with quality firms such as Lincoln, to create a new legacy for this land,” said Tustin Mayor Charles E Puckett.
For information about Cornerstone I, contact CBRE at 949-725-8500.
About Tustin Legacy: Tustin Legacy is a 1,600-acre master-planned community located in the City of Tustin that is being developed on land formerly known as Marine Corps Air Station (MCAS) Tustin. For more information, visit www.tustinlegacy.com.
About Lincoln Property Company: Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.