Taco Bell Corp. is hungry for more.
The Mexican food company said it will keep its corporate headquarters in Southern California after signing an 11-year lease extension at the Irvine Spectrum office campus, the Los Angeles Business Journal reported. The food chain, which was founded in 1962, has been based in the five-story property at 1 Glen Bell Way in Irvine since 2010.
The building, owned by LBA Realty, has 180,000 square feet of space for more than 800 current employees. The property also includes childcare on site, a dining center, a salon, a gym and car wash services.
As part of the extension deal, Taco Bell plans to restore its first restaurant, “Numero Uno.” In 2015, the company saved it from being demolished at its original location in Downey, and moved the entire structure to the Irvine headquarters. Taco Bell said it will announce details of its restoration plan later.
Cushman & Wakefield represented LBA Realty in the lease agreement.
Orange County is home to several major corporate office locations, and has had some big recent leasing deals. Last summer, one of Taco Bell’s competitors, Chipotle, signed a lease for 274,000 square feet for its new headquarters in Newport Beach.
Lincoln Property Co. and Angelo Gordon & Co. also recently secured a $128 million loan for four office properties in Orange County. Two locations were in Irvine – the 163,000-square-foot Inwood Park and 112,000-square-foot Irvine Summit buildings. The loans were for $39 million and $34 million, respectively. [LABJ] — Gregory Cornfield