Irvine Spectrum Fact Sheet (Acrobat file)
IRVINE, CA. – (November 18, 2008) Irvine Company and the Federal Deposit Insurance Corporation announced today the signing of a 200,000 sq. ft. lease at 40 Pacifica in Irvine Spectrum, the nation’s premier master-planned mixed-use community. Terms of the lease were not disclosed.
The federal agency expects to gradually move into the space starting at the end of December.
Irvine Spectrum is conveniently located between San Diego and Los Angeles, and offers outstanding retail and housing opportunities. Irvine is also renowned for its talented and educated job base.
Val Wheeler, President of Irvine Company Office Properties, said Irvine Company has a long history of successful landlord-tenant relationships with government entities.
“We reserved 40 Pacifica for a large tenant, and are pleased to offer FDIC the opportunity for immediate occupancy, which is important given the urgency of the national economic crisis,” Wheeler said. “The convenience of 40 Pacifica will also assist FDIC’s search for top talent.”
Irvine Company is renowned nationally for its financial stability, diverse portfolio and long-term ownership.
The company opened 40 Pacifica earlier this year, and the 15-story tower 20 Pacifica late last year. FDIC’s lease brings the buildings to more than 50-percent leased during a difficult leasing environment, Wheeler said.
Developed in 1985, Irvine Spectrum is widely regarded as the world’s largest and finest master-planned business center. It includes companies in the industries of professional and financial services, apparel, computer hardware, software, biotech, medical devices, computer gaming, automotive and broadband communications. A sampling of industry leaders located in Irvine Spectrum includes: Blizzard Entertainment, Toshiba America, Fluor Corporation, UBS, Billabong, and Taco Bell, among others.
Irvine Company owns and operates more than 400 Class A office 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. Wheeler said the company has signed about 50 leases of 20,000 sq. ft. or more in the past six months.
“That’s an unprecedented amount of leasing during a challenging economy – a sign of the flight to quality that occurs during down markets,” Wheeler said.
FDIC’s offices will be across the street from the 1.2 million sq. ft. Irvine Spectrum Center, which features the nation’s first pairing of Nordstrom and Target and more than 20 restaurants. It is also walking distance to The Village at Irvine Spectrum Center, an upscale 1,550-home apartment community. The Village received a Pacific Coast Builder’s Conference “Gold Nugget” for Best Apartment Project last year.
Wheeler noted the award-winning plan at Irvine Spectrum will allow the new employees to work, live, and shop in this vibrant mixed-use community.
Irvine Spectrum is adjacent to the I-5, I-405 and SR-133 freeways, and a few miles from John Wayne Airport and outstanding executive housing options.
“This lease is the latest chapter in Irvine Spectrum’s success story,” Wheeler said.