Proposed Purchase of Irvine Campus Moves Forward
Trustees Authorize Auxiliary Services Corporation to Purchase Banting Corporate Center
July 24, 2013
The CSU Board of Trustees yesterday approved Cal State Fullerton's proposed purchase of the Banting Corporate Center to house Cal State Fullerton's Irvine Campus. The trustees' action authorizes the University's Auxiliary Services Corp. to pursue purchasing two office buildings totaling nearly 140,000 square feet on 12.65 acres at 1 and 3 Banting in Irvine. The University has been leasing 3 Banting since 2010 as a branch campus to enhance access to CSUF programs by south Orange County residents. Cal State Fullerton has had an active campus presence in south Orange County since 1989.
"This investment in our Irvine Campus reconfirms our commitment to south Orange County," CSUF President Mildred García said. "This campus has been a true success story, and it plays an important, integral role in the University and its educational mission. We are all very excited that the board has authorized our Auxiliary Services Corporation to pursue this purchase."
Completion of the acquisition will represent a strategic expansion of CSUF's footprint in Irvine at a time when current enrollment at the campus is strong and expected to strengthen. This fall, the branch campus will be offering lower-division classes and enrolling freshmen and sophomores students there for the first time in 24 years, factors which are likely to increase enrollment.
Two commercial tenants currently occupy 1 Banting under leases that expire in 2014 and 2019.
Under the current leasing plan, the Auxiliary Services Corp. will continue leasing 3 Banting to CSUF and 1 Banting to the existing commercial tenants for the remainder of their leases. As these commercial leases expire, the campus will move operations into the space. ASC anticipates that the two buildings will be fully leased to and occupied by the campus when the commercial leases expire and the University has completed the requisite seismic upgrade and tenant improvements needed to accommodate CSUF occupancy and academic use.