The Irvine Company announced today that it has signed major leases totaling more than 115,000 square feet with two well-known and highly respected companies: Financial services giant JPMorgan Chase & Co. (NYSE: JPM), and real estate investment company Steadfast Investment Properties, Inc.
The new agreements further build on impressive leasing momentum that continues from 2009: In December, Irvine Company Office Properties signed leases totaling 1 million square feet – its second-highest monthly leasing total ever. And 2009 was one of the most successful years in the company’s history, with leases signed for more than 6.7 million square feet of office space.
JPMorgan Chase, one of the world’s most successful and respected financial services firms, has signed a seven-year lease in Jamboree Center in Irvine for its regional banking headquarters. The venerable firm will occupy 70,000 square feet on three floors at 3 Park Plaza, a 20-story high-rise office tower in Irvine Company’s Jamboree Center, one of Southern California’s most prestigious business addresses.
Completed in 1991, Jamboree Center features five elegant, travertine-clad office towers totaling 1.6 million square feet next to the San Diego (I-405) Freeway. Extensive landscaping and open space create a park-like atmosphere at the center, which is just minutes from John Wayne Airport. Approximately 350 JPMorgan Chase employees will be based at Jamboree Center.
Steadfast Investment Properties, Inc. has signed a 10-year lease for two suites totaling more than 45,000 square feet at Irvine Towers, located at 18100 Von Karman Ave. Founded in 1994, Steadfast is a fully integrated company with four major operating divisions – Residential Properties, Commercial Properties, Business Properties and Resort Properties – that control, operate and manage approximately $1.8 billion in assets.
Financial terms of the leases were not disclosed.
“We are extremely proud that these two admired companies have chosen our properties as they continue to expand their operations,” said Doug Holte, president of Irvine Company Office Properties. “Each of these companies made its decision carefully, conducting extensive searches for just the right property that met their operational needs and supported their unique corporate cultures. JPMorgan Chase is renowned internationally, and Steadfast is quickly gaining acclaim as one of the nation’s fastest-growing real estate investment firms. The fact that they chose us following rigorous reviews is gratifying.”
Paul Kaufman, Chase’s regional president for middle market commercial banking, called Jamboree Center “an ideal location for our offices. The center will support our plans to expand our regional presence and grow our business,” Kaufman said. “The amenities are terrific and our employees will enjoy convenient access to nearby services. The Irvine Company’s reputation for service and attention is evident at Jamboree Center.”
“We are pleased to be looking toward the future and the exciting opportunities that have spurred our growth and need for additional office space,” said Rodney F. Emery, founder and CEO of Steadfast Companies. “The Irvine Towers location provides excellent amenities and overall convenience that are keenly suited to our corporate headquarters needs.”
Leases Follow One of Office Properties’ Highest Monthly Leasing Totals Ever
The leases with JPMorgan Chase and Steadfast come on the heels of an exceptionally busy period for Irvine Company Office Properties, which in December completed its second-highest monthly leasing total ever. That was a fitting end to calendar year 2009, one of the most successful years in the company’s history.
“December was an extremely productive month for our leasing team members, who signed leases totaling approximately 1 million square feet across a diverse spectrum of industries,” said Steve Case, executive vice president of Irvine Company Office Properties. “Many of our customers are telling us they anticipate improved business conditions in 2010, and the range of companies signing new leases with us is a strong signal that the recovery could be broad and encompass virtually all sectors. These companies’ outlook is encouraging and is reflected in their willingness to commit to leases that will help position them as the economy continues to turn the corner.”
Case said December served as the capstone for a very productive year: In 2009, even as the economy struggled to pull its way out of a deep recession, Office Properties signed leases totaling more than 6.7 million square feet throughout its California portfolio. Leasing activity included nearly 5 million square feet in Orange County, more than 1.1 million square feet in San Diego County, and nearly 600,000 square feet in Los Angeles and Silicon Valley combined.
Office Properties’ diverse product portfolio and reputation for unsurpassed service continue to resonate with a wide range of companies, Case said. “Our pledge to all of our customers is to provide an outstanding office setting that meets their unique business needs, and then back it up with extraordinary service,” he said.
About Irvine Company Office Properties
Irvine Company Office Properties owns and operates 475 properties in the most prestigious coastal markets in San Diego, Orange and Los Angeles counties and the Silicon Valley. It takes a long-term view, focusing on reinvestment and customer experience. To learn more about the company please visit www.irvineoffice.com
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan Chase brands. More information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Steadfast Companies
Steadfast Companies is a diversified real estate investment company with over 400 employees that owns and operates over $1.8 billion in assets across the US and Mexico. Over the last 15 years, the company has earned the trust of numerous institutional investors, lenders, national tenants and industry partners across its Residential, Commercial, Business and Resorts divisions. In 2009, the company launched a securities and financial services division, Steadfast Capital Markets Group, to leverage the company’s experience and track record and capitalize on opportunities across all asset classes through multiple, well-structured investment offerings. For more information on the company, visit its website at www.steadfastcompanies.com