The Irvine Company today announced that it has reached an agreement in principle with PIMCO, a leading global investment management firm, to build a new headquarters building. The 380,000 square foot state-of-the-art office building will be located at 650 Newport Center Drive in Newport Beach, CA.
PIMCO selected the 650 Newport Center Drive location after an extensive search for its new global headquarters, which included several Class-A office markets in Orange County, CA. PIMCO is a premier Newport Beach employer with a world-class reputation. PIMCO employs more than 1,500 professional people world-wide, with approximately 850 in the firm’s Newport Beach, CA office.
“PIMCO began in Newport Beach in 1971 as a young entrepreneurial fixed income asset manager and over the past 40 years has become one of the largest and most respected investment managers in the world. We are thrilled to be able to keep such a prestigious firm in our City,” said Newport Beach Mayor Michael F. Henn. “The Irvine Company has presented Newport Beach with a world-class building from a world-class architect. We believe the building will complement Newport Center and benefit the local economy.”
“We are honored to be selected as the builder and long-term landlord,” said Doug Holte, president of Irvine Company Office Properties. “Additionally, we are pleased PIMCO has decided to maintain their headquarters in Newport Beach and occupy a new state-of-the-art facility that accommodates the firm’s highly sophisticated technology needs and investment management activities.”
The new building, designed by renowned architect Henry Cobb of Pei Cobb Freed & Partners of New York, will include a collaborative open-architecture floor plan, a conference center and state-of-the-art trading floor. The building will be environmentally friendly and is expected to qualify for LEED green certification. Construction is expected to begin by late summer of 2011 and to be completed by mid-2013.
Irvine Company Continues Significant Investment in Newport Center and Fashion Island
The 650 Newport Center Drive office building represents the most recent example of the Irvine Company’s commitment to invest in Newport Center and Fashion Island to ensure it remains the premier destination for office, shopping, dining, entertainment and social lifestyle only found in Newport Beach.
In December 2010, the Irvine Company announced the completion of Fashion Island’s Phase I $100 million reinvestment that transformed the Center’s buildings and outdoor spaces with dramatic new architecture and common area amenities, new landscape and water fountains and expanded parking and retail space. As part of the reinvestment, Fashion Island added nearly 20 new stores and restaurants, from a full-line Nordstrom department store and exclusive boutiques, to restaurants Rustica and True Food Kitchen. The renovation and the new stores and restaurants have been embraced by locals and visitors alike, and the Company is confident that Fashion Island will continue its 43-year reign as one of the nation’s most appealing outdoor regional shopping centers.
In December, Irvine Company also announced Phase II of the Fashion Island renovation, a major redevelopment of its seven-screen Island Cinemas, which will bring to Fashion Island an upscale, state-of-the-art theater complex offering a premier movie-going experience. The new theater complex will have a spacious lobby with the classic appeal that reflects Fashion Island’s Italianate architecture, including stadium seating with larger, more comfortable seats and service of food, beer and wine. The theater complex construction began in January 2011 and is expected to re-open for the Christmas 2011 movie season.
PIMCO is a leading global investment management firm, with offices in 10 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz S.E., a leading global diversified financial services provider.
About the Irvine Company
Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including assets in San Diego, Orange and Los Angeles Counties and Northern California. As a steward of some of America’s most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County — 50,000 acres — to permanently preserve lands. The U.S. Department of Interior and the State of California have designated these parklands as “Natural Landmarks,” one of the most prestigious land preservation designations.