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.
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