An Orange County bank that moved its corporate hub to Texas last year has renewed the lease of its former headquarters in Irvine.
First Foundation, now based in Dallas, renewed its 70,200-square-foot lease at 18101 Von Karman Avenue, the Orange County Business Journal reported. Financial terms of the deal were not disclosed. https://www.ocbj.com/oc-homepage/first-foundation-renews-irvine-lease/
First Foundation, once the third largest bank in OC, now operates its bank and wealth management services out of its Irvine offices, still home to executives and administrators for its First Foundation Bank and First Foundation Advisors subsidiaries.
CEO Scott Kavanaugh moved to Dallas last year, taking the First Foundation headquarters with him. He didn’t require employees relocate to the Lone Star State.
Atlas Capital Advisors, based in San Francisco, brokered the Irvine lease renewal as well as the company’s office lease in Dallas.
While the bank “realized the benefit of relocating its headquarters to Texas, they also understood that Orange County was a strategically important market,” Atlas Managing Principal Serge Vishmid said. “After touring and evaluating numerous office buildings in Orange County, it was decided that staying in their current location was the best option.”
The owner of the Lakeshore office campus was represented by Rick Kaplan and Robert Lambert of Cushman & Wakefield.
Renewal leases have dominated Orange County’s top office deals this year, as employers rethink their office needs. Four of the top five office deals signed this year were renewals, according to the Business Journal.
First Foundation’s move marks the fifth largest lease renewal signed since January.
Office leasing in Orange County has picked up — mostly because of smaller deals. About 60 percent of office leases signed in the first quarter were for less than 10,000 square feet. https://therealdeal.com/la/2022/04/12/oc-office-market-propped-up-by-small-tenants/
— Dana Bartholomew
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