Irvine Co. renews four tenant leases for nearly 200K sf of office space

Irvine Company has renewed four lease deals for almost 200,000 square feet at two new multibuilding office centers, helping the tenants expand their footprint in Orange County.

The four existing tenants — Kajabi, Hyperice, WeWork and Pacific Rim Capital — signed the deals to take up space at the new Spectrum Terrace and Discovery Park campuses in Irvine. Both properties opened this summer.

WeWork signed the largest lease to occupy an entire 116,261-square-foot building at Spectrum Terrace, 16774 Laguna Canyon Road in Irvine. The nine-building campus includes more than 1 million square feet of space.

Kajabi and Hyperice also signed new leases at Spectrum Terrace. Kajabi, an online business platform, signed for 43,800 square feet, which is more than double their current space at Sand Canyon Business Center. Hyperice, creator of the first portable ice compression device for athletes, signed for 13,740 square feet, which is nearly triple the company’s current workplace at 15440 Laguna Canyon Road.

Pacific Rim Capital signed a lease for 20,161 square feet at the recently completed Discovery Park nearby. The company is moving from its 13,055-square-foot office at 15321 Laguna Canyon Road. The 290,400-square-foot Discovery Park is at 15555 Laguna Canyon Road.

Orange County’s office demand and development have been on the rise the past few years and are set to continue growing. CBRE projected earlier this year that Orange County will see rents grow by more than 30 percent over the next five years due to low vacancy rates and job growth.

HJ Capital Group is working on a 700,000-square-foot project that will include 143,721 square feet of office space, a 258-room hotel, a 33,000-square-foot fitness facility, an open-air entertainment venue and a medical office building. Construction is expected to begin in early 2020.

City of Hope National Medical Center is also planning to open a $200-million main campus in Irvine to open in 2022.