Two big financial firms have leased large spaces in OC

Two of the nation’s largest financial institutions, MBNA Corp. and Aon Corp., are making moves in and into Orange County.

Wilmington, Del.-based MBNA’s entry into OC is the bigger splash, as it has decided on Aliso Viejo for the Western U.S. regional office for MBNA America. The company, one of the largest credit card issuers, signed a five-year lease on 48,000 square feet in two buildings of the second phase of the Summit Office Campus.

“We think it’s a further validation of the project and community,” said Lee Redmond, a principal at Aliso Viejo-based Parker Properties LP. “This is more of a mainstream tenant and balances out our tech theme,” he said, referring to tenants such as QLogic Corp., buy.com Inc. and Enfrastructure Inc., which take up the bulk of the space in the Summit.

MBNA America chose the Summit because it offered the financial institution flexibility and the ability to grow, according to Redmond.

“In addition, the surrounding Aliso Viejo community has a strong business base, great close-by amenities and a diverse mix of available housing,” said Brian Dalphon, an MBNA America spokesman.

Recent deals also have added the law firms Stetina, Brunda, Garred and Brucker and Bridgeford, Knottenerus and Gleason to Phase II, bringing the 320,000-square-foot phase to 100% occupancy.

Stetina, Brunda signed a five-year lease for 11,139 square-feet while Bridgeford, Knottenerus agreed to a five-year lease on 3,128 square feet.

Ted Snell, Carol Trapani, Bill Welch and John Desper of CB Richard Ellis represented Parker Properties in all of the new leases. The brokers also represented Stetina, Brunda, while Shane Wilder of Julien Studley represented Bridgeford, Knottenerus. MBNA was represented by Palm Springs-based I.C. Properties.

“As rental rates continue to climb in Northern California communities with limited space options, it’s clear that companies will begin looking at the affordability, lifestyle and work style options available in Orange County, especially in Aliso Viejo,” said Snell, a senior vice president at CB Richard Ellis.

The latest deals bring the Summit to approximately 40% completion. Another pair of five-story buildings totaling 300,000 square feet are under construction with completion set for September.

Eventually, the five-phase Summit project will include 16 three- to six-story office buildings and 1.7 million square feet on 70 acres.

Meanwhile, Chicago-based Aon plans to consolidate four of its local offices in becoming the first tenant to sign onto Newport Beach-based Koll Development Co.’s building under construction at 1901 Main St. in Irvine’s airport area.

Aon concluded a 10-year, 44,000-square-foot lease for an undisclosed price. In the deal, the insurance company is set to take up two floors, the third and fourth, with an option to expand to 66,000 square feet, said an industry source.

Aon becomes the first tenant to sign up for the Koll Center Irvine North Phase II high-rise, an eight-story, 178,000 square foot, office building slated for completion in September.

The second-largest insurance brokerage in Orange County, Aon does business as AON Risk Services from its Costa Mesa office and provides risk management services primarily for construction and large companies locally.

Officials of Koll Development and Aon were unavailable for comment.

John Weiner, senior vice president of CB Richard Ellis represented Koll and Bob Zelken of Jones Lang LaSalle represented Aon in the lease negotiations. n