Irvine Company Acquires 58 Discovery in Irvine Spectrum
The 127,000 square-foot building is fully leased to Thales Avionics
NEWPORT BEACH, Calif. (May 14, 2018) – Irvine Company announced today that it has purchased 58 Discovery, 127,000-square-foot building in Irvine Spectrum that is fully leased to Thales Avionics, a long-time Irvine Company customer.
“Acquiring 58 Discovery further deepens our commitment to Irvine Spectrum as a nationally-recognized center of innovation and highly desirable place to work, live, shop and play,” said Doug Holte, president, Irvine Company Office Properties. “It also enables us to better serve and deepen our relationship with an outstanding customer.”
The seller and sales price were not released.
Located on Discovery between Irvine Center Drive and Barranca Parkway, the project is adjacent to Thales’ existing Irvine Company offices at 48, 51 and 53 Discovery. One of the world’s top in-flight entertainment aerospace companies, Thales designs and builds electrical systems, provides services for the aerospace, defense, transportation and security markets.
Built in 2000, 58 Discovery sits on an 8.3-acre site and is located a mile from the iconic Irvine Spectrum Center shopping and dining destination. Considered “Mid-tech,” the building is 60% office and 40% R&D/warehouse.
Last April, Irvine Company purchased nearby Alton Plaza campus near the Irvine train station, which is 95% leased to technology, medical device, R&D, real estate and engineering companies. Irvine Company has already significantly enhanced the 19- building campus’ exteriors and entryways, hardscape, landscaping and added vibrant outdoor workspaces featuring lounge and cafe seating.
Irvine Company’s portfolio in Irvine Spectrum is nearly fully leased. The company’s 400 Spectrum Center, which opened in September, is 60% leased, and the Quad at Discovery Business Center, which is scheduled to open this summer, is 65% pre-leased. Irvine Spectrum is home to 3,500 companies ranging from start-ups to world leaders in biomedicine, legal, financial, electronics, computer technology, automobile design and telecommunications Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman Wakefield represented the seller.
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 150 premier coastal California workplace communities in Orange County, Los Angeles, Silicon Valley and San Diego, as well as trophy buildings in Chicago and New York. Its timeless design and quality craftsmanship is consistent with its long-term view and pride of ownership.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.