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Tishman Speyer and Mitsui Fudosan America have begun construction on the 380,000-square-foot first phase of Bake Freeway Business Park, an industrial development in Irvine, Calif.

In December 2023, the partners acquired a 32-acre lot within the Great Park Neighborhoods mixed-use community in Irvine for the ground-up development. According to The Real Deal, the parcel traded for $145.9 million.

The project encompasses four industrial buildings ranging from 73,000 square feet to 203,000 square feet.