NEWPORT BEACH, Calif. (March 14, 2016) — Irvine Company Office Properties announced today that Tarsadia Investments, LLC has leased the top floor at 520 Newport Center Drive, one of the premier office addresses on the West Coast.
“The 21st floor at 520 Newport Center Drive is widely considered the most prestigious business location in California,” said Steve Case, executive vice president, Irvine Company Office Properties. “We are thrilled that Tarsadia Investments shares our view that doing business here offers the same value as the top floor of renown buildings in New York, Chicago and other prominent financial centers.”
Tarsadia will occupy 18,000 square feet of office space enhanced by 11-foot-high ceilings, floor-to-ceiling glass and sweeping views of the nearby Pacific Ocean in a building designed by world-renowned architect Henry Cobb of New York-based Pei Cobb Freed & Partners.
The Tarsadia lease—which brings the building’s occupancy to about 85%—underscores Newport Center’s position as Orange County’s international banking and investment headquarters. Almost half of Newport Center’s 2.5 million square feet of office space is leased to companies providing financial services.
Financial industry companies already leasing office space at 520 Newport Center Drive include Bank of America’s Merrill Lynch, Private Banking and Investments, Commercial and Business Banking offices; Janus Capital Group Inc.; Hong Kong-based Wing Lung Bank; Stifel, Nicolaus & Co.; Wells Fargo Advisors; and Hightower Advisors.
Additional banking, investment and financial companies with office space within Newport Center include powerhouses PIMCO, Allianz, Pacific Life, UBS Financial Services, Oppenheimer, J.P. Morgan, BNY Mellon, Northern Trust, Morgan Stanley, Aviation Capital Group, ROTH Capital Partners, U.S. Trust and City National Bank.
The design of 520 Newport Center Drive features sleek, modern architecture with coastal California lifestyle amenities and a 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 The 520 Marketplace, a curated, gourmet collection of barista-served coffee, fresh pastries, artisan snacks and more.
Last month, Irvine Company opened KINETIC in the next block at 600 Newport Center Drive, a new concept that blends fitness and wellness services and access to St. Joseph Hoag Health services in one location.
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.
“Newport Center offers world-class housing and amenities, easy access to transportation, stunning Pacific Ocean views and a workplace experience unlike any other market in the region or nation,” Case said. “We’re continuously looking for ways to enhance workplace experience, knowing through research that professionals integrate work and life more than ever.”
About Irvine Company Office Properties
Irvine Company has evolved the traditional office to something much more: a vibrant workplace community. A place where collaboration is encouraged and creativity is enabled to elevate business success. The Company owns and manages 500 premier coastal California workplace communities in Orange County, Los Angeles, Silicon Valley and San Diego. Its timeless design and quality craftsmanship is consistent with its long-term view and pride of ownership that is part of the Irvine Company promise to provide our customers with an exceptional today and even better tomorrow.
About Tarsadia Investments
Based in Newport Beach, California, Tarsadia Investments is a private family investment office providing capital and strategic support for companies with substantial growth potential. The principals and investors of Tarsadia Investments have been acquiring real estate and operating companies since 1976.