Hedge Fund Eyes 207 KSF Orange County Office Campus

December 1, 2025

Office Development Los Angeles News More West

The firm recently filed development plans for a 42-acre site in Irvine, Calif.

Nearly three years after buying a vacant, 42-acre site in Orange County, TGS Management LLC, an Irvine, Calif.-based quantitative hedge fund, is moving forward with a new office campus on the site that will nearly double its space in the city. Including the land purchase, the development cost is expected to exceed $300 million. A timeline for the new project was not available.

Barranca Properties LLC, an entity formed in 2021 by TGS co-founder Fred Taylor, acquired the site within the Irvine Spectrum mixed-use district from an affiliate of Five Point Holdings for $240 million in early January 2023. The site was part of a commercial development site controlled by Five Point in its Great Park Neighborhoods division and was Irvine’s largest real estate deal since 2020.

TGS plans to develop a 207,395-square-foot office building north of the Santa Ana Freeway between Bake Parkway and Alton Parkway, according to the Orange County Business Journal, which was the first to report the project. Plans filed with the City of Irvine call for a two-story office building, one level of underground parking and a 14,335-square-foot private recreation center, according to OCBJ. Amenities planned include a skate park, pool and sports courts.

The project is described as a campus-style professional office site with a park-like, pedestrian-oriented atmosphere. The site will also feature pedestrian trails, meadows, courtyards and recreational areas, according to the city filings. Most of the property–about 65 percent–will be landscaping rather than high-density building, far exceeding the minimum requirement of 15 percent, OCBJ reported. The building site covered planned will be about 6.5 percent. The campus will be enclosed with walls and berms ranging from 8 feet to 40 feet in height.

Current space at Spectrum Terrace

TGS currently leases a 115,000-square-foot office building at Irvine Co.’s Spectrum Terrace, a nine-building, 1.1 million-square-foot office campus on 73 acres located at the intersection of Interstate 405 and Highway 133. The TGS building is fenced off from the other properties in the campus, according to OCBJ. In addition to the campus features such as an Olympic-length pool and event spaces, TGS employees have their own amenities including a rock-climbing wall, private gym and kitchen area. The campus is also near Irvine Spectrum Center, an entertainment and retail component of the master-planned community.

In August 2021, Irvine Co. began construction on the final 345,000-square-foot phase of Spectrum Terrace, which added three office buildings to the campus. The second phase had been completed earlier that year. The third phase delivered in early January 2023. Tenants include Alteryx, iHerb and RSM, a global accounting firm that relocated to Spectrum Terrace in part because of its expansive outdoor areas and indoor-outdoor fitness and meeting spaces, according to Irvine Co.

The 73-acre office campus was designed to enhance the live-work-environment around the greater Irvine Spectrum area, with a focus on wellness. In late 2022, Amazon moved workers into 116,000 square feet of space at Spectrum Terrace, with plans to add more than 800 jobs in Irvine.