Mitsubishi Motors is selling its Cypress headquarters as part of its relocation to Tennessee.
The Japanese automaker, which announced plans in late June to move its North American headquarters from Cypress to Franklin, Tenn. beginning in August, is in final negotiations on the sale of the 178,000-square-foot property, a company spokesperson told the Business Journal.
The company declined to mention details of the transaction, but confirmed it will complete its move by year-end.
The building at 6400 Katella Ave. is the second largest office in Cypress, according to CoStar Group Inc. data. The largest office property in the city is a 210,000-square-foot United Healthcare building.
The firm has been based in Orange County for nearly three decades, first in Fountain Valley before moving to Cypress in 1988.
There are nearly 200 Mitsubishi employees at the Cypress office, with all corporate departments relocating to its new location in Tennessee. About 25 employees in the company’s Western Region operations will move to new offices in OC.
A temporary Mitsubishi office will be set up in Tennessee while JLL brokers Mitch Lundquist and Scott Wetzel work with the company to secure a permanent location.
The relocation is to “take advantage of the area’s vibrant technology skillset, all while realizing cost savings through the business-friendly work environment and proximity to sister company, Nissan,” the company said at the time of the June 25 announcement.
