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Thursday, Mar 28, 2024
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Regulators to Innovators

Irvine Co. debuted the 21-story 400 Spectrum Center Wednesday.

There was news. Cylance Inc., an emerging cyber security power bought top signage. The 428K SF, Class A+ tower is 44% preleased; older sis 200 Spectrum is now full, Mazda’s name atop.

400 is a nice facility, impressive penthouse. “The Bezos suite,” joked Irvine Mayor Don Wagner.

“A facility that can lure the best and the brightest to Irvine,” said Shaun Walsh, Cylance senior VP of marketing.

It all suggests an economy not yet frothy.

“August is historically slow,” said Steve Case, EVP of TIC’s office properties. “Best August I’ve ever seen.”

Blocks away are three “next-gen” Irvine Co. midrises under development. They’ve placed a 1M+ SF swivel-view bet on the Irvine ecosystem. Case is confident: “Look at the breadth of our tenants. Curse, Mazda, WeWork, Cylance, SendGrid,” Case noted.

“From regulators to innovators.”

Just west of the 21-story Spectrum Tower sits 40 Pacifica. It opened a decade ago. Its “anchor tenant” in 2008 became the FDIC and 600 regulators. Today Amazon pays rent there, and OCBJ innovator honoree Stuart McClure is consolidating Cylance’s 800 employees into six floors at 400 Spectrum …

Jeff Moorad can’t stand still. Trivia question: Who co-owned a #1 sports-agency, two baseball franchises and runs the global sports practice of a Top 10 US law firm? Moorad just joined the Costa Mesa office of Morgan, Lewis & Bockius LLP as partner.

“The first challenge is to put my arms around this,” Moorad said. “It’s a chance to create a brand for our firm to hold us up as a tent pole.” He joins forces with John Concannon, son of the NFL quarterback. Concannon’s worked on deals with the Red Sox, Pistons. As the unit focuses globally, will Moorad bring rain with Chelsea or Man U? “The opportunities are plentiful,” he said. “I do know I’ll always return to Newport Beach.”

Gemini Industries founder Paul Musco ran into OC Undersheriff Don Barnes who gave the uber-generous Musco an idea. $150K in survival kits are now in Houston…

Wayne Gross joins Bill Cosby’s civil-defense team. Gross is partner at Greenberg Gross LLP in Costa Mesa…

Inspiration Point: My friend Randy Mason convinced me to join him Tuesdays at SA River Jetties in Newport, where leashed dogs are sorta welcome. Randy owns Commercial Realty Specialists—he’s good at his trade and better at life.

“This is why we live here,” Randy said as dogs and “big dogs” enjoyed the sunset. “Right now, you and I are having a business meeting.”

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