Key Takeaways
- Irvine Company leased nearly 200,000 square feet of premium office space in Q1 2024, following more than one million square feet of leasing in Silicon Valley in 2023
- New leasing activity demonstrates continued desire for Class A workspace backed by financially stable, long-term ownership
- Recent completion of $10M reinvestment plan at Santa Clara Gateway highlights Irvine Company’s forward-looking mindset
SANTA CLARA, Calif. (May 8, 2024) – Irvine Company today announced strong leasing activity in Silicon Valley for Q1 2024, totaling 198,500 square feet. Irvine Company continues to outperform the market with nearly 90% of its Silicon Valley portfolio leased, 9% more than the region’s overall lease rate of 81%.
This momentum dovetails with the company’s recent completion of a $10 million reinvestment at Santa Clara Gateway. As part of the reinvestment, the outdoor areas at Santa Clara Gateway have been transformed, including new tech-connected screens for meetings, a new outdoor kitchen with grill station, game tables, a range of seating for collaborating, dining and socializing, and updated sports court area. The reinvestment also brings a second fitness center and new lounge to 2600 Great America Way and updates to the lobby at 5455 Great America Parkway.
“Our strategic reinvestments in our Silicon Valley portfolio reflect Irvine Company’s ability to invest in our workplaces regardless of market conditions and highlight the importance of choosing not only where your company works, but who your landlord is,” said Roger DeWames, President, Irvine Company Office. “There is continued demand for premium office space as companies want to provide high-quality, experience-driven workplaces that excite teams and align with their brand, vision and culture.”
LG Technology Ventures, a leading venture capital firm, leased 11,050 square feet at 2755 Great America Way at Santa Clara Gateway.
“Our company’s success has been driven by our most important asset – our people – and our new premier workplace at Santa Clara Gateway supports our workforce strategy to bring teams together to innovate and bring solutions to fruition,” said Yoonsung Jung, CFO of LG Technology Ventures. “Irvine Company was a true partner in the leasing process and meeting our business needs, making it easy to lease office space in a prime location with welcoming indoor-outdoor amenities.”
Last year, Irvine Company invested more than $650 million of capital across its 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. The $650 million investment shows the importance of the company’s unmatched capital resources, ensuring its customers can lease with confidence knowing that tenant and workplace improvements will be fully funded.
In 2023, Irvine Company leased more than one million square feet in Silicon Valley, demonstrating the ongoing flight to quality as premium, amenity-rich workplaces continue to outperform the broader office market.
To learn more about Irvine Company’s Silicon Valley locations, please visit: https://www.irvinecompanyoffice.com/locations/silicon-valley.html
About Irvine Company Office
Irvine Company creates places that bring people together to succeed. A financially stable owner and operator, Irvine Company is renowned for its commitment to continual reinvestment, evolution, and customer care. The company serves more than 3,000 customers in 54 million square feet of premier workplaces in Orange County, Los Angeles, Silicon Valley, and San Diego, as well as 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
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