NEWPORT BEACH, Calif. (October 26, 2015) — Irvine Company Office Properties announced today that Bank of America has leased 88,000 square feet at its prestigious 21-story building at 520 Newport Center Drive.
Almost half of Newport Center’s 2.5 million square feet of office space is leased to companies providing financial services.
The Bank of America lease underscores Newport Center’s position as Orange County’s international banking and investment headquarters. Other financial industry companies leasing office space at 520 Newport Center Drive are Janus Capital Group Inc.; Hong Kong-based Wing Lung Bank; Stifel, Nicolaus & Co.; Wells Fargo Advisors; and Hightower Advisors. Additional banking and investment companies with office space within Newport Center include financial powerhouses PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon and City National Bank.
The five-floor Bank of America lease will host Merrill Lynch, Private Banking and Investments, Commercial and Business Banking offices and brings the company’s total footprint in Newport Center to nearly 130,000 square feet, including offices at neighboring 500 Newport Center Drive.
The latest lease will bring occupancy at 520 Newport Center Drive to nearly 80%.
“The Bank of America commitment at 500 and 520 Newport Center Drive validates Newport Center as the premier financial services location in Southern California,” said Steve Case, executive vice president of Irvine Company Office Properties.
The building’s design by the world-renowned architect Henry Cobb of New York-based Pei Cobb Freed & Partners features sleek, modern architecture with coastal California lifestyle amenities and campus-like setting that appeal to the modern workforce. Features include 10 to 11 feet of floor-to-ceiling glass for superior daylight, an efficient floor plan for maximum flexibility, and LEED Gold certification for the building’s environmental and energy efficiencies.
The high-rise also includes state-of-the-art conference centers, a grand lobby with a 28-foot ceiling, and coming soon, The 520 Marketplace, a curated, gourmet collection of barista-served coffee, fresh pastries, artisan snacks and more. Early next year, Irvine Company will also open Kinetic at 600 Newport Center Drive, a new concept that blends outdoor and indoor fitness, wellness services and access to St. Joseph Hoag Health nurses in one location.
“Newport Center—with its stunning views of the Pacific and world-class shopping, dining, and amenities—offers a distinctive lifestyle in a vibrant and energized community featuring globally renowned companies,” Case said. “Our customers tell us the quality of the buildings, the services and the lifestyle experience aid them in recruiting and retaining the brightest, most talented professionals.”
Across the street, Fashion Island—one of the nation’s most beautiful and unique open-air retail centers—features exclusive specialty boutiques, world-class department stores and a diverse assortment of restaurants and cafes. With 15 million visitors a year, Fashion Island offers a sophisticated yet relaxed, resort-like atmosphere that is distinctively Southern California, with pristine views of the Pacific Ocean.
“Newport Center is the most prestigious address in the region because of its proximity to world-class housing and amenities and easy access to transportation,” Case said. “We’re continuously enhancing the workplace experience, knowing through our research that professionals integrate work and life more than ever.”
About Irvine Company Office Properties
Irvine Company Office Properties owns and operates a portfolio of approximately 500 high quality buildings in some of California’s most prestigious locations including Orange County, Los Angeles, Silicon Valley and San Diego. The company’s long-term ownership and reinvestment philosophy ensures companies operate in buildings maintained to the highest levels possible. It also assures a rare environment of stability, consistency and on-going quality with unmatched, comprehensive customer service.