Fred Alaghband, managing partner of Irvine Medical, says the company expects to complete the building in May and has thus far signed one tenant to a 4,000-sf lease. He says the company sees demand for medical office space in Irvine in light of the 2% vacancy rate in medical buildings there.

Alaghband's Irvine-based firm acquired the land from the Irvine Co. in May. The development site is at the southwest corner of Waterworks Way and Laguna Canyon Road, within the 5,000-acre Irvine Spectrum center for research, technology and business. The new project will consist of a two-story, elevator-served, concrete tilt-up building, about half a mile from the Irvine Regional Hospital and Medical Center and close to the San Diego (I-405) and Santa Ana (I-5) freeways.

John Wadsworth of Colliers Seeley International represented the developer in the land purchase and is leasing agent for the development, which he says will join approximately 2,500 companies employing 55,000 workers at Irvine Spectrum.