- California-based company’s portfolio was 91% leased last year, 10% more than national average in Q4 2023 in major U.S. cities
- The company’s financial strength to invest and reinvest regardless of market conditions helps drive leasing momentum – with more than $650 million of capital invested across portfolio in 2023
- Flexible workplaces also see continued demand as 400 companies leased 1.5 million square feet of Flex+ space
IRVINE, Calif. (February 5, 2024) — Irvine Company today announced another strong year of activity, leasing 9.5 million square feet of premium office space to more than 900 companies in Orange County, Los Angeles, San Diego, Silicon Valley, Chicago and New York. With its financial stability and long-term ownership, Irvine Company continues to invest and reinvest in its workplaces and drive strong performance in the market.
Irvine Company wrapped up the year with 91% of its portfolio leased – 10% above the national average in major U.S. cities according to Moody’s Analytics – and demonstrates the continued flight to quality as premium, amenity-rich workplaces continue to outperform the broader office market.
“Companies are drawn to Irvine Company for our premium workplaces, personalized service and industry-leading financial stability – and we’re proud that 9 out of 10 customers are likely to recommend us. Our 2023 leasing activity highlights the continued flight to quality in the market and the ever-growing importance of choosing not only where your company works, but who your landlord is,” said Roger DeWames, President of Irvine Company Office. “Irvine Company’s long-term ownership horizon enables us to be an ideal partner for our customers, by continually investing in our portfolio and creating workplaces where businesses and their teams come together to succeed.”
Last year, more than $650 million of capital was invested across Irvine Company’s workplaces – including reinvestment capital, operating capital, tenant improvements and more – to elevate the workday experience and provide best-in-class service so customers can focus on their business.
Notable 2023 leases include:
- Axonics, Sand Canyon Business Center
- Boot Barn, Spectrum Terrace
- Qcells, 300 Spectrum Center Drive
- Causeway Capital Management LLC, Westwood Gateway
- Crescent Capital Group LP, Westwood Gateway
- Kayne Anderson Capital Advisors, 2121 Avenue of the Stars
- HCL America Inc., Santa Clara Gateway
- Moveworks, Inc., Terra Bella
- Tenstorrent USA, Inc., Santa Clara Gateway
- CoStar Group, One La Jolla Center
- Seltzer Caplan McMahon Vitek, Symphony Towers
- BakerHostetler, One North Wacker
- Gordon Rees Scully Mansukhani, LLP, One North Wacker
- Winston & Strawn LLP, 300 North LaSalle
- MetLife, 200 Park Avenue
- Paul Hastings LLP, 200 Park Avenue
- Herbert Smith Freehills LLP, 200 Park Avenue
Flexible leasing was also a continued trend in 2023. Irvine Company launched its new Flex+ website where customers can easily find private, move-in ready office space with no upfront capital. More than 400 companies leased 1.5 million square feet of Flex+ space last year, with strong demand from small and medium-sized businesses.
RSM US LLP, a leading provider of assurance, tax and consulting services to the middle market and Irvine Company customer, moved into 17400 Laguna Canyon Road at Spectrum Terrace in Irvine.
“Our office has provided us with the needed space for continued growth, state-of-the-art technology and a collaborative environment for working with our clients and with one another,” said Paul Short, RSM’s Office Managing Partner. “Having an office space that employees really enjoy coming to has been a great tool for enticing teams to come together. The space and the campus environment is so exceptional.”
Allied Universal, a leading security and facility services company and Irvine Company customer, leased its new corporate headquarters at Market Place Center in Irvine last year. The move provided an opportunity to design a space with Irvine Company that met the needs of Allied Universal’s growing team.
“Irvine Company has been fantastic to work with and helped us create a customized workplace that bolsters our company culture and reflects our company’s forward-thinking values,” said Steve Jones, Global Chairman and CEO of Allied Universal.
With unrivaled lease term flexibility and concierge-level service, Irvine Company is the ideal solution for the immediate and evolving workplace strategies for companies of all sizes and with employees of all ages. Irvine Company, in conjunction with independent research firm Wakefield Research, released a survey that explored how Gen Z, millennials, Gen X and baby boomers feel about coming into the office and the benefits and amenities that motivate attendance and foster productivity.
“We take a holistic approach in designing the office and are constantly innovating and reinvesting in our spaces to ensure the best workday experience for our customers’ teams, as evidenced by our survey findings and metrics like our 2023 Net Promoter Score of 60.4 which aligns us with some of the world’s most beloved brands,” said DeWames. “Our research and insights, financial strength, stability and wide range of amenity-filled workplaces make Irvine Company a great partner to meet the needs of the evolving world of work.”
About Irvine Company Office
Irvine Company elevates the workplace by combining inspired design, exceptional quality, innovative solutions and experience-driven amenities. Renowned for continual evolution, reinvestment and personalized service, Irvine Company creates environments that cultivate collaboration, creativity and customer success. The company serves more than 3,000 customers in 54 million square feet of workplaces in Orange County, Los Angeles, Silicon Valley and San Diego, with iconic towers in Chicago and New York. Irvine Company leads the industry with a forward-looking mindset and commitment to creating thriving communities.
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Media Contact
Gemma Stewart
562-544-5797