IRVINE, CA—Focusing on the benefits to customers of the collaboration and innovation possibilities that exist when you're next to the talent and resources of a world-renowned university is one way Irvine Co. Office Properties markets its University Research Park here, the firm's EVP Steve Case tells GlobeSt.com. Digital Map Products Inc. recently signed a 22,000-square-foot lease to move its headquarters to University Research Park, which is next to UC Irvine, in late fall.
This area of Orange County is one of the region's tightest and most tech-focused submarkets. We spoke with Case about the challenges of marketing a research park to potential tenants and how it differs from marketing other types of office properties.
Case: Perhaps the most significant way it differs is its location. The 185-acre workplace community is adjacent to UC Irvine, recently ranked among the nation's top-10 public universities. The campus also houses the Vine, our tech incubator, where startups have generated $25 million in funding, and UCI's, the Cove, the university's 47,000-square-foot “Applied Innovation” incubator. It is also home to 75 companies and 8,000 employees that will soon include Toshiba America and Digital Map Products, innovative large companies with deep Orange County roots seeking a closer relationship with UCI to collaborate, innovate and recruit and retain top talent.
With Broadcom's planned move out freeing nearly 700,000 square feet of space, companies have a once-in-a-generation opportunity to occupy a large block of space at University Research Park.
GlobeSt.com: How does the marketing for a research park differ from that of other office/R&D properties?
Case: Our messaging is slightly different: We focus on the benefits to our customers of the collaboration and innovation possibilities that exist when you're next to the talent and resources of a world-renowned university. When you think of top university adjacent research parks in the nation, we're on the list alongside Stanford Research Park, the Research Triangle near Duke University, North Carolina State and the University of North Carolina, Chapel Hill.
We're also focused on highlighting the reinvestment that is underway, which includes the addition of Irvine Co.'s signature amenity, the Commons, large outdoor Wi-Fi-enabled living rooms, sun decks, alfresco dining, built-in barbecues and more that encourage collaboration and give employees a place to innovate or simply relax.
GlobeSt.com: How would you characterize the market for this type of space in Orange County?
Case: It's very strong across our portfolio. For the past decade, we've been 99% leased at URP. URP isn't the only tight submarket in Irvine. Our 7 million square feet of office in nearby Irvine Spectrum is 97% leased, and our newest building, the 21-story 200 Spectrum Center, is 93% leased. Its sister building, 400 Spectrum Center, opens in September and is already 40% pre-leased. URP and Irvine Spectrum have emerged as the ultimate business addresses for forward-thinking companies.
GlobeSt.com: What else should our readers know about this particular transaction?
Case: Like many of our customers at URP, Digital Map Products already has an established relationship with UCI that, through the move to URP, their team hopes to enhance. The company already provides UCI free access to the company's technology, offers internships, supports mentor programs, collaborates on recruiting, develops technology-based curriculum and explores joint community engagement programs. More than 15% of Digital Map Products employees are UCI graduates, and CEO Jim Skurzynski tells us the move will help the company find and keep some of the region's top talent.
IRVINE, CA—Focusing on the benefits to customers of the collaboration and innovation possibilities that exist when you're next to the talent and resources of a world-renowned university is one way Irvine Co. Office Properties markets its University Research Park here, the firm's EVP Steve Case tells GlobeSt.com. Digital Map Products Inc. recently signed a 22,000-square-foot lease to move its headquarters to University Research Park, which is next to UC Irvine, in late fall.
This area of Orange County is one of the region's tightest and most tech-focused submarkets. We spoke with Case about the challenges of marketing a research park to potential tenants and how it differs from marketing other types of office properties.
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