University Research Park Welcomes New Tenant
Digital Map Products will relocate its corporate headquarters by the end of the year. In the move, the provider of cloud-based location technology will nearly double its current square footage.
By Razvan Cimpean
Rendering of University Research Park in Irvine, Calif.
Digital Map Products, a provider of cloud-based location technology, signed a 22,000-square-foot lease at University Research Park in Irvine, Calif. The company is set to relocate its corporate headquarters in late fall. Currently, Digital Map Products occupies 13,550 square feet at 18831 Von Karman Ave.
The 89,340-square-foot building is located at 5201 California Ave., at the intersection of University Drive and MacArthur Boulevard. The asset sits just off California State Route 73, minutes away from San Diego Freeway and directly adjacent to the University of California Irvine. Tenants at University Research Park include The Vine, Starbucks and The Cove. The 2.1-million-square-foot property features nearly 8,000 parking spaces and is currently 99 percent occupied.
Replacement tenant
According to Yardi Matrix data, the two-story building was constructed in 2001 and is subject to a 65-year unsubordinated net ground lease provided by the University of California. Digital Map Products will occupy a floor currently leased by Broadcom Corp., suite 200 of 5201 California Ave.
“Broadcom’s plans to move from University Research Park next year has created excellent opportunities for the next generation of innovators,” Steve Case, executive vice president of Irvine Co. Office Properties, said in prepared remarks.
Irvine Co., owner and manager of the office park, has a plan for upgrades that include a fitness center, enhanced lobbies and outdoor amenities. Last month, the firm leased more than 300,000 square feet of space in three Chicago downtown office buildings.
Image courtesy of Irvine Co.
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