Verizon Wireless Renews Major Lease For 30-Acre, Five-Building Headquarters In Irvine Spectrum

The Irvine Company announced today that Verizon Wireless, which operates the nation’s largest wireless and most reliable telecommunications network, has renewed its 10-year lease for its West Area and Southern California Region headquarters – a 30-acre campus in Irvine Spectrum.

Completed in 2000, the campus at 15505 Sand Canyon Avenue comprises five buildings totaling 475,000 square feet. Home to more than 2,300 employees, the campus serves as Verizon Wireless’ base for a vast customer-service area that includes Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties. Terms of the lease were not disclosed.

Irvine Company officials lauded the lease renewal, calling Verizon Wireless’ continued presence in Orange County a major boon to the economy and a strong sign that Irvine Spectrum remains a premier location for prestigious national technology firms.

“Verizon Wireless is an extraordinary client. Even though they were tempted with other offers and locales outside Orange County and California, we are very pleased they chose to stay in Irvine Spectrum,” said Val Wheeler, president of Irvine Company Office Properties. “Verizon Wireless’ decision to renew its lease reaffirms Irvine Spectrum’s status as the key business destination for America’s leading companies.”

Lucy Dunn, president and CEO of the Orange County Business Council, called the Verizon Wireless lease renewal “fantastic news” for Orange County’s job market and economy. “Verizon Wireless’ decision to renew means more than 2,300 jobs will remain in Orange County,” she said. “At a time when unemployment is still rising, we’re thrilled that California and the county will continue to benefit from the presence of this innovative industry leader.”

Verizon Wireless’ Irvine headquarters was completed in 2000, one year after the Irvine Company sold the land to a developer who constructed the campus for Verizon Wireless, known at the time as AirTouch Cellular. Irvine Company Office Properties purchased the entire campus in 2005 and assumed day-to-day management – one of the factors cited in Verizon Wireless’ decision to renew its 10-year lease.

“Our Irvine campus presence allows us to deliver on our commitment to provide a great experience for our customers across the country, and specifically for our customers in Southern California,” said Tami Erwin, Verizon Wireless West Area president. “I’m very pleased that we’ve renewed our lease. The strong talent pool in Irvine has enabled us to assemble an extraordinary team of employees.

“We continue to be impressed by the high level of service and quality of the campus since the Irvine Company assumed ownership in 2005. In addition, the Irvine Spectrum offers a little bit of everything, including nearby homes and apartments, stores and restaurants, and recreation, all of which we consider major plusses for our employees.”

Since its start in 1985, Irvine Spectrum has been widely regarded as one of the world’s largest and finest master-planned business centers. In addition to Verizon Wireless, industry leaders located in Irvine Spectrum include Blizzard Entertainment, Toshiba America, Fluor Corporation, UBS, Billabong and Taco Bell, among others.

Located between the 5, 405 and 133 freeways, Irvine Spectrum offers companies superior access and visibility, along with outstanding retail and housing opportunities. Amenities include the 1.2 million-square-foot Irvine Spectrum Center; Tom Fazio-designed Oak Creek Golf Club, and The Village Apartment Homes.

About Verizon Wireless
Verizon Wireless operates the nation’s most reliable and largest wireless voice and data network, including the largest 3G broadband network. Verizon Wireless is the largest wireless carrier in the U.S. with 87.7 million customers and has the highest customer loyalty in the industry. The company employs more than 86,000 people and has annual revenue of $58.6 billion.

About Irvine Company Office Properties
Irvine Company Office Properties owns and operates more than 400 premier quality 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 the total customer experience and reinvestment.