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

The four tenants are expanding their existing footprint in Orange County

Los Angeles /
Aug.August 13, 2019 03:00 PM
Tom Greubel, Vice President of leasing, with Spectrum Terrace and Discovery Park
Tom Greubel, Vice President of leasing, with Spectrum Terrace and Discovery Park 

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.


Related Articles

arrow_forward_ios
2000 Avenue of the Stars and CAA CEO Richard Lovett (Gensler, Getty)
Big talent agency renews big lease at 2000 Avenue of the Stars
Big talent agency renews big lease at 2000 Avenue of the Stars
Pacific Design Center’s Green Building, WeWork’s Elton Kwok, FabFitFun’s Michael Broukim. (Pelli Clarke Pelli Architects, WeWork, FabFitFun)
WeWork keeps focus on larger, “enterprise” tenants
WeWork keeps focus on larger, “enterprise” tenants
15301 Springdale Street and Crown Associates president Mitchell Bloom. (LinkedIn, CBRE)
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)
GoodRx adds 57K sf at Santa Monica’s Pen Factory
GoodRx adds 57K sf at Santa Monica’s Pen Factory
Snap Inc CEO Evan Spiegel, Boston Properties CEO Owen Thomas and Santa Monica Business Park. (Getty, Boston Properties)
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Tencent CEO Ma Huateng with Playa Jefferson. (Getty, Austin Industries)
Tencent opens Playa Vista office with plans to expand LA workforce
Tencent opens Playa Vista office with plans to expand LA workforce
606-654 Venice Boulevard (Silver Creek, Google Maps)
Snap-leased office complex in Venice snags refi
Snap-leased office complex in Venice snags refi
Pendulum CEO Kevin Hayes with The Link. (Pendulum, The Link)
Media production office complex sells for $62M
Media production office complex sells for $62M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...