Irvine Co. Will Renovate Major Spectrum Campus
Irvine Co. has acquired the 19-building, 216,000-square-foot Alton Plaza office campus near the Irvine train station and plans to revitalize it into modern indoor and outdoor workspaces designed to foster innovation and collaboration. Roughly 700 employees from 25 companies will enjoy the renovation when completed.
Steve Case, EVP for Irvine Co. Office Properties, tells GlobeSt.com, "Alton Plaza is designed for small companies who prefer to occupy their own building. The project is a perfect fit for the growing base of innovative companies located in the Irvine Spectrum. We look forward to enhancing the outdoor and interior spaces and adding to the already vibrant workplace community that exists there."
The buyer declined to reveal the identity of the seller, but news sources report that the sale price was $58 million, and Real Capital Analytics reports that GI Partners on behalf of CalSTRS purchased the property from a Hines joint venture with Oaktree, represented by HFF, in September 2016.
Alton Plaza is 95% leased to technology, medical-device, R&D, real estate and engineering companies. Irvine Company's reinvestment plans include adding dynamic outdoor spaces in which people can work, collaborate or simply recharge.
Case adds, "The diversity of high-quality customers at Alton Plaza is a microcosm of the diversity and strength of greater Irvine Spectrum, making it one of the region's most dynamic places to do business." He adds that the greater Irvine Spectrum area has "emerged as a major hub for innovators, and we want to be partners in their success and growth. Our decision to acquire Alton Plaza is part of a broader effort to enhance Irvine Spectrum's appeal as the ultimate address for forward-thinking businesses. We want to create memorable workplace experiences that support growth and innovation while enhancing recruitment and retention efforts."
Case recently told GlobeSt.com, "Of particular importance to large tech-space users is having a workspace that fosters creativity, innovation and collaboration to seamlessly blend work and life." The firm recently signed a 96,000-square-foot lease with Toshiba America Inc. at University Research Park, the Irvine Co.'s 185-acre office park here, located next to UC Irvine.
Irvine Spectrum is one of Souther California's tightest office markets and features industry-leading companies in technology, financial services, co-working, gaming, automotive law and more.
Irvine Co.'s new "NextGen" campus at Sand Canyon Business Center, and the 21-story 200 Spectrum Center, which opened last year, are nearly fully leased. The company plans to debut a sister 21-story building-400 Spectrum Center-this summer.
Alton Plaza is close to a diverse array of workforce and executive housing as well as Irvine Spectrum Center, which offers 1.2 million square feet of retail, restaurant and entertainment options The shopping center is in the midst of a significant reinvestment.
Originally published on April 13, GlobeSt.com