The latest deal gives Cisco 480,000 sf in nine buildings to add to 572,000 sf in 10 two-story buildings leased in April. With this transaction, the company will become Irvine's largest single tenant.
Bill Halford, president of the Irvine Office Co., says Cisco's decision to occupy the entire complex "speaks to the growing demand in this area for flexible, high tech office space.''
Cisco will begin moving into the first four buildings this summer. All 19 buildings are slated for a summer 2001 completion. In addition, Cisco is a tenant of the Irvine Co.'s University Research Park, next to UC-Irvine. The company also occupies Irvine space in West Los Angeles.
The Irvine Co.'s Silicon Valley portfolio includes approximately two million sf of office and R&D buildings, with an additional 1.5 million sf planned or under development. The company also has 1,000 apartments either completed or under construction with the thought of providing housing to the employees of its office tenants. It plans to break ground on 2,000 more residential units before the end of the year.
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