Griffin Towers

The $125 million joint venture between Ahmanson Commercial, Development, Inc. and Griffin Realty Corporation included the development of Class `A’ office property comprised of twin 12-story towers connected by a three-story glass atrium pavilion located near the intersection of the 405 and 55 freeways with direct proximity to John Wayne Airport. The project also includes ancillary retail space and an 1,800 space six-level parking structure. Total square footage is approximately 550,000 square feet.

Griffin Asset Management Company was involved with this project since its conception: assisting in the overall design from marketability and operational perspectives, supervising aspects of the construction of the building/parking structure/tenant spaces (including all mechanical systems), performing all pre-operating procedures, overseeing all lease activity and tenant relocations/initializations, performing all property management functions (inclusive of marketing/leasing, building operations, tenant relations, budgeting and accounting, rent collection, etc.).

This project was completed and sold in 1988, at a capitalization rate of 7.1% (lowest known Orange County capitalization rate on a sale for a project of this magnitude). Due to its success in managing this project effectively, Griffin Asset Management Company achieved a then-record sales price for this complex and was retained for a period of five years post-sale to continue to manage the project.