SANTA ANA, CA-A joint venture between Hines and Oaktree Capital Management L.P. has signed a lease agreement with Kulicke & Soffa, a manufacturer of semiconductor and LED assembly equipment, for 66,538 square feet of office/R&D space at 1821 E. Dyer Rd. here. The move from the tenant's current regional headquarters in Irvine to the 126,622-square-foot office building at Irvine Corporate Center points up tenants' needs for the combination of office and R&D in one building.
Jones Lang LaSalle Orange County team members Joe Bevan and Wade Clark represented the landlord in the transaction, while Ken Ward and Dillon Dummit of Cresa Orange County represented Kulicke & Soffa. “The tenant demand for buildings that can accommodate high-image office and R&D functions under one roof is evidenced by Kulicke & Soffa relocating to the building,” said Bevan in a prepared statement. “The extensive remodel underway, large floor plates and above-standard parking make Irvine Corporate Center an attractive place for companies.”
Ray Lawler, managing director of Hines, who leads the firm's Orange County office, added, “We are ecstatic to have Kulicke & Soffa relocate to Irvine Corporate Center. Both Irvine Corporate Center and Alton Corporate Plaza will be transformed with the improvements currently underway.”
As GlobeSt.com reported in December 2012, the joint venture acquired Irvine Corporate Center, an office building within the Irvine Business Complex, for an undisclosed price from Sunamerica Life Insurance Co. The building is southeast of the 55 Freeway near John Wayne Airport and features a two-story glass façade entryway and lobby with large flexible floorplates and 15-ft. deck-to-deck clearance. It can accommodate office, laboratory and manufacturing tenants ranging from 15,000 square feet to 65,000 square feet. The joint venture had also acquired Bay Technology Center—now known as Alton Corporate Plaza—within the same complex, a total of 250,000 square feet in two projects.
GlobeSt.com was unable to reach the parties involved before deadline to discuss the supply and demand for office/R&D properties in Orange County and what this means for the commercial real estate industry here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
