The Irvine Company intends to spend $24 million to revamp four office campuses in Irvine, Costa Mesa and Newport Beach to lure tenants seeking a “flight to quality.”
The Newport Beach-based developer led by Donald Bren will upgrade offices at the Jamboree Center and the Irvine Business Center in Irvine; Pacific Arts Plaza in Costa Mesa; and Newport Center in Newport Beach, the Orange County Business Journal reported.
The Orange County real estate giant announced the investment after reporting more than 1.8 million square feet of new leases since July 1 at its O.C. offices. The firm said the leasing deals highlight “the flight to quality” in the local market.
“The leasing momentum we’re experiencing across our Orange County portfolio demonstrates the strong demand for high-quality workplaces backed by a landlord able to meet the evolving needs of the market,” Roger DeWames, president of Irvine Company Office Properties, said in a statement.
Of the $24 million in upgrades, the Irvine Company will pour the majority into Jamboree Center at 5 Park Plaza, according to the Business Journal.
The $17 million makeover will include a two-story fitness and wellness center, updated entries, lobbies and meeting rooms, and a new restaurant.
The Irvine Company will also spend $7 million on building entries at Irvine Business Center at 7595 Irvine Center Drive; improved event rooms at Pacific Arts Plaza at 675 Anton Boulevard; and a new “media wall” and updated lobbies and landscaping at Newport Center, at 660-680 Newport Center Drive near Fashion Island.
Read more
Commercial
Los Angeles
Irvine Company looks to sell two more San Diego office buildings
Commercial
Chicago
Irvine Co pays off $431M debt on River North office tower
Commercial
Chicago
PwC renews massive lease in Irvine’s thriving Loop tower
A timeline for the renovations was not disclosed.
The Irvine Company owns 54 million square feet of offices in O.C., Los Angeles, Silicon Valley, San Diego, Chicago and New York.
— Dana Bartholomew