Irvine Co. Arranges 96 KSF Lease in SoCal Tech Hub

By Ariela Moraru

Rendering of The Commons

Irvine, Calif.—Irvine Co. announced that Toshiba America Inc. has signed a 96,000-square-foot-lease at University Research Park next to University of California, Irvine in the region’s tightest and most tech-focused submarket. JLL’s Louis Tomaselli and Steve Wagner represented Toshiba.

Toshiba America will move its electronics components, information systems and logistics companies to the campus, which is undergoing a significant reinvestment.  Irvine Co. is enhancing lobbies and adding its signature amenity, The Commons. The amenity consists of large open-air spaces that feature Wi-Fi-enabled outdoor living-rooms, sun decks, al fresco dining, built-in barbecues, music, fire pits, ping pong, basketball and volleyball.

“University Research Park’s proximity to a highly educated workforce and UCI make it one of the most desirable workplace communities in Southern California,” said Steve Case, executive vice president of Irvine Co. Office Properties, in prepared remarks. “URP is currently 99 percent leased and has been consistently full for the past decade, which is among the reasons there is so much interest from companies desiring to ‘pre-lease’ the Broadcom space.” Broadcom is moving out in 2018.

Irvine’s 7.6 percent vacancy rate is the lowest in Orange County and well below the county’s rate of 9.7 percent, according to CBRE. The 185-acre office park is currently home to more than 75 companies and more than 8,000 employees, including Cisco Systems, Skyworks and Intel. The park – along with the 5,000-acre Irvine Spectrum – is quickly becoming known as the next emerging innovation, technology and research hub with many STEM graduates available.

Case added that some of the nation’s top technology companies operate near the top research universities to take advantage of multiple innovation, recruitment and collaboration opportunities: Hewlett-Packard operates next to Stanford, Dell is headquartered at the University Texas-Austin and now Toshiba relocated to a top-10 public university.

Located off the 73 freeway and with easy access to the 405 and 55 freeways, URP is minutes from John Wayne Airport, and a short drive from luxury apartment communities, Fashion Island, The Island Hotel and the Resort at Pelican Hill. There are round-trip, lunch hour courtesy shuttles to the nearby The Bluffs Shopping Center. URP is within walking distance to University Center, which features Tender Greens, Luna Grill and an array of shops and restaurants.

Image courtesy of Irvine Co.