The 14-story, 321,000-sf tower will represent the second phase of the Phoenix-based developer's Opus Center Irvine complex. When completed in a few years, the three-phase project will have 930,000 sf of space.
The 10-year lease is valued at more than $50 million and was signed by the law firm of Knobbe, Martens, Olson & Bear. The firm, which specializes in intellectual property law, plans to move its 300-person staff from Newport Beach when the Irvine tower is completed in the summer of next year.
The new lease provides the attorneys "with needed space, along with future expansion opportunities," says Jim Bear, the firm's managing partner. It also pushes the planned tower's occupancy to a healthy 40% before ground is even broken, adds Paul Marshall, SVP of real estate development for Opus West.
Knobbe, Martens will initially occupy six floors. Douglas Killian of Voit Commercial Brokerage's Irvine office represented the law firm. Al Masters and Dean Chandler of CB Richard Ellis' Newport Beach office represented the developer.
The 282,000-sf first phase of Opus Center opened in October 1999 and is 95% leased to tenants that include consultants Pricewaterhousecoopers and New York Life Insurance.
While leasing activity and development in some parts of California have slowed over the past few months, Orange County's diverse economy has helped to keep its local real estate market fairly strong. A report released earlier this month by Integra Realty Resources, a national appraisal firm, says the county is still among the Top Ten best places to invest in US office property.
The report also ranks the county's John Wayne Airport/Irvine area as the nation's third most-promising central business district for office investment. The new Opus high-rise is only blocks away from the airport.
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