Irvine Company purchases 19-building office/R&D campus in Irvine Spectrum
Latest major commercial property investment in Irvine Spectrum continues company’s support for innovative, growth-minded companies
IRVINE, Calif. (April 11, 2017) — Irvine Company announced today the purchase of the 19-building Alton Plaza in Irvine Spectrum.
The company plans to revitalize the 216,000-square-foot campus on Alton Parkway near the Irvine train station into commercial office space.
When completed, roughly 700 employees from 25 companies will enjoy modern indoor and outdoor office space designed to foster innovation and collaboration.
“The greater Irvine Spectrum area has emerged as a major hub for innovators, and we want to be partners in their success and growth,” said Steve Case, executive vice president, Irvine Company Office Properties. “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.”
Irvine Spectrum is one of Southern California’s tightest commercial office markets and features industry-leading companies in technology, financial services, co-working, gaming, automotive, law and more.
Irvine Company’s new “NextGen” campus and commercial real estate 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 to offer more commercial leases and office space for sale.
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 for people to work, collaborate or simply recharge and various lease payments, such as a long-term lease or monthly payments.
“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,” Case said.
Alton Plaza is close to a diverse array of outstanding workforce and executive housing, residential properties and Irvine Spectrum Center, which offers 1.2 million square feet of retail, restaurant and entertainment options to seamlessly integrate work and life. The shopping center is in the midst of a significant reinvestment that includes more commercial space and parking spaces.
About Irvine Company Office Properties
Irvine Company has evolved the traditional office space 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 and commercial real estate 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.
