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How Century City became the country's "best office market"
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Armanino leases full office floors in Century City and Irvine
Consultancy commits to 46K sf at two buildings owned by The Irvine Company
Armanino has leased 46,000 square feet of offices from the Irvine Company in buildings in Century City and Irvine.
The San Ramon-based consulting firm leased 23,500 square feet at 2121 Avenue of the Stars in L.A.’s Century City and 22,000 square feet at 400 Spectrum Center in Irvine, in Orange County, the Commercial Observer and Bisnow reported.
Terms of both leases were not disclosed.
“2121 Avenue of the Stars and 400 Spectrum Center meet all of our needs to provide the best possible locations for our teams to come together,” Armanino Workspace and Real Estate Senior Director Gilly Malmquist said in a statement. “From convenient on-site amenities to proximity to hundreds of high-end dining and retail destinations, our new offices will amplify our culture and elevate the workday experience.”
The full-floor leases mean the 34-story tower once known as Fox Plaza at 2121 Avenue of the Stars is 91 percent leased, and the 21-story tower at 400 Spectrum Center, the tallest building in OC, is 97 percent leased, according to the Irvine Company.
The Newport Beach-based landlord, whose portfolio spans Southern California, Silicon Valley, Chicago and New York, leased 2 million square feet across Orange and Los Angeles counties in the first quarter. Its tenant roster now includes more than 120 companies.
“We continue to see more customers like Armanino lease office space across multiple markets,” Roger DeWames, president of Irvine Company Office Properties, said in a statement. “This trend demonstrates the ongoing flight to quality and the ever-growing importance of choosing not only where your company works, but who your landlord is.”
Overall, leasing activity in the first quarter ticked up year-over-year in Orange County and Los Angeles, according to a report from Savills.
In Los Angeles, there was 3.2 million square feet of leasing activity between January and March, up from 2.9 million square feet a year earlier, according to Savills.
In OC, there was 1.4 million square feet of leasing activity last quarter, versus 1.1 million square feet in the first quarter of last year.
— Dana Bartholomew
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