Toshiba America signs major lease at University Research Park in Irvine
Toshiba America will move its electronics components, information systems and logistics companies to the campus, which is in the midst of a significant reinvestment.
With Broadcom’s plans to move from University Research Park in 2018, companies have a once-in-a-generation opportunity to lease space next to the world-renowned research university in the region’s tightest and most tech-focused submarket. Irvine has a vacancy rate of 7.6 percent – the lowest in Orange County and well below the county’s rate of 9.7 percent, according to CBRE.
“University Research Park’s proximity to a highly educated workforce and UCI make it one of the most desirable workplace communities in Southern California,” said Steve Case, executive vice president, Irvine Company Office Properties. “URP is currently 99% leased and has been consistently full for the past decade, which is among the reasons there is so much interest from companies desiring to ‘pre-lease’ the Broadcom space.”
The 185-acre office park is currently home to more than 75 companies and more than 8,000 employees. The park - along with the 5,000-acre Irvine Spectrum - are quickly becoming known as the next emerging innovation hub where research, technology, funding, STEM graduates and inventions converge.
“We have some of the finest talent in the world and this move next to UCI will help us enhance the growth of our team, our depth of talent and our ability to innovate new products and services,” said Duncan Kane of Toshiba. “We already enjoy a great relationship with UC Irvine and look forward to enjoying even deeper collaboration.”
The campus was thoughtfully designed to foster collaboration between the university and private sector. Toshiba will join a list of iconic companies who over the years have called University Research Park home, including Cisco Systems, Skyworks and Intel.
When University Research Park opened, UC Irvine was 25 years old. Today, it features top engineering and information sciences schools and has ranked among the top 10 public universities in the U.S. consecutively, according to U.S. News and World Report. The campus rivals Stanford Research Park, the Research Triangle in North Carolina and the nation’s other top university-adjacent business parks.
“It’s no coincidence that some of the nation’s top technology companies operate near the top research universities,” Case said. “The innovation possibilities, the recruitment and retention of top talent and the unparalleled collaboration opportunities are among the reasons companies like Hewlett-Packard operate next to Stanford, Dell is headquartered at the University Texas-Austin and why Toshiba chose its new home next to UC Irvine, a top-10 public university.”
As part of University Research Park’s reinvestment, which is currently underway, Irvine Company is adding its signature amenity, The Commons, large open-air spaces that feature Wi-Fi-enabled outdoor living-rooms, sun decks, al fresco dining, built-in barbeques, music, fire pits, ping pong, basketball and volleyball, and dynamic outdoor spaces for people to work, collaborate or simply reboot. The company is also enhancing lobbies and other common areas.
The campus also houses Irvine Company’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and The Cove, UCI’s 47,000-square-foot “Applied Innovation” incubator.
University Research Park offers round-trip, lunch hour courtesy shuttles to the nearby The Bluffs Shopping Center and is walking distance to University Center, which features Tender Greens, Luna Grill and an array of shops and restaurants. The amenities onsite include Starbucks Coffee, Specialty’s Café & Bakery with Peet’s Coffee & Tea; the center also offers access to Beckman Center, a spacious meeting facility with conference center options, event space and catering and planning services.
University Research Park is located off the 73 Freeway, minutes from John Wayne Airport, and a short drive from luxury apartment communities, Fashion Island, The Island Hotel and the renowned Resort at Pelican Hill.
Toshiba was represented by JLL’s Louis Tomaselli and Steve Wagner.
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.
About Toshiba America Inc. (TAI)
Founded in 1965, Toshiba America, Inc. (TAI) is a subsidiary of Tokyo-based Toshiba Corporation and the holding company of six Toshiba operating companies that offer a broad range of products and solutions for the residential, commercial, and industrial sectors. The Company’s customer markets comprise retailers, enterprises, municipalities, utilities, universities, businesses and other high technology manufacturers. The six companies, which along with TAI are known collectively as Toshiba America Group, are Toshiba America Electronic Components, Inc. (Semiconductor and storage solutions), Toshiba America Energy Systems Corporation (Power generation solutions), Toshiba America Information Systems, Inc. (Digital products), Toshiba America Nuclear Energy Corporation (Nuclear power solutions), Toshiba International Corporation (Industrial, power electronics & transmission & distribution solutions), and Toshiba America Research, Inc. (R&D). For more information please visit Toshiba at www.toshiba.com or Facebook at www.Facebook.com/ToshibaInnovation or Twitter at @ToshibaInnovate.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com