Irvine Co. Presses on with Development
Tuesday, June 09, 2020
Irvine Co. has been Orange County’s most active commercial developer the past year and over the past decade.
Don’t expect that to change in the next year. The Newport Beach-based firm still appears full speed ahead with a pair of office projects in the Irvine Spectrum area totaling close to 900,000 square feet.
The second phase of the firm’s Spectrum Terrace office project, a three-building, roughly 345,000-square-foot collection of high-end buildings, has seen steady work over the past few months with a heavy base of workers—all practicing social distancing and other safety measures.
A few miles away, near the intersection of Sand Canyon Avenue and the Santa Ana (5) Freeway, steel has gone up for another Irvine Co. project, Innovation Park. That office campus will eventually hold some 550,000 square feet of space across a series of low-rise buildings.
The projects are two of the three largest office developments currently under construction in OC, along with the expansion of Edwards Lifesciences Corp.’s headquarters along Red Hill Avenue in Irvine.
Build-to-suit offices for specific companies, such as the Edwards (NYSE: EW) project and a new office complex being built for SchoolsFirst Federal Credit Union in Tustin, are not included in this week’s list of the area’s largest commercial developers, which reported some 2 million square feet of completed projects for the 12 months ending in April.
Tenants Moving In
Rain, not the coronavirus, appeared to be the biggest impediment to Irvine Co. construction in March as the pandemic began to close down much of OC’s business.
The nearly 340,000-square-foot first phase of the Spectrum Terrace project is built and largely spoken for, with Irvine analytics firm Alteryx Inc. (NYSE:AYX) its largest reported tenant.
Alteryx Chief Executive Dean Stoecker last month told the Business Journal that he expected the move-in at Spectrum Terrace to begin in phases, starting around August.
The big data firm isn’t planning to readjust the design of its offices to accommodate new safe-distance measures in the workforce, but it is expected to incorporate other policies, Stoecker said.
Staffers might work from home one or two days a week, and then come into the office on other days.
“We would just stagger workforces so they wouldn’t be working full-time either in the office or at home. That’s a happy balance that would still bode well for growth,” Stoecker said last month.
Doug Holte, president of Irvine Co.’s office division, told the Business Journal that tenants of new and existing properties in the company’s portfolio will see plenty of changes and upgrades as they return to the office in the coming weeks.
“As our office customers plan their return to the workplace, we’re helping them come back with confidence through Irvine Company’s Workplace Care, an industry-leading platform for premium operational services and maintenance,” Holte said last week.
“By combining exceptional workplace design, with healthy on-site services and systems, and convenient workday amenities, we deliver differentiated value that supports our customers' business success.”
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