Irvine Company’s Office Portfolio Outperforms National Average After $637M Investment
Irvine Company's recent office investments are already paying dividends. At the end of its fiscal year, nearly 90% of its national office portfolio was leased – including 90% on assets in California – overperforming the national rate by 10%, based on Moody’s data.
The developer's portfolio is led by premium office space across Orange County, Los Angeles, San Diego, Silicon Valley, as well as Chicago and New York.
At the June 30 fiscal close, Irvine had 10.6 million square feet leased, with 8.4 million square feet concentrated in California. This is up from the 10.4 million square feet leased overall in the fiscal year prior.
During the past 12 months, the company has spent $637 million on reinvestment and operating capital, as well as workspace improvements and amenity offerings, including $33 million in Orange County and $25 million in San Diego.
“Irvine Company’s portfolio is perfectly aligned with the office market’s ongoing flight to quality,” Roger DeWames, president, Irvine Company office properties, told GlobeSt.com.
“With continuous investment in our properties and a commitment to providing an unmatched customer experience, we have been able to offer workplaces that are in sought-after locations adjacent to popular dining, housing, retail, entertainment destinations, public transit and freeways.”
DeWames said Irvine Company’s workplaces meet the evolving needs of any business with scalable, customizable solutions, including flexible leasing options through its Flex+ program and hospitality-inspired services.
“Customers are attracted to Flex+ for the frictionless experience it offers with premium, move-in ready suites, no upfront investment or long-term commitment, plus personalized customer service from our in-house teams,” DeWames said.
Irvine Company has nearly 500,000 square feet of Flex+ suites under construction in its California portfolio.
Financial services, legal services and manufacturing are the top three industries nationally that have driven leasing activity.
Source: GlobeSt/ALM