54.7 F
Laguna Hills
Monday, Mar 18, 2024
-Advertisement-

Masimo’s New Irvine Space Leads to Musical Chairs

An expansion of Masimo Corp.’s local facilities appears to have set off a chain reaction of corporate relocations in the Irvine Spectrum area involving Boot Barn Holdings Inc. and Printronix Inc.

The Irvine-based maker of patient monitors recently disclosed in regulatory filings that it plans to move out of one of its secondary facilities in Irvine to a larger building that is closer to its new headquarters.

The company has been leasing about 33,000 square feet at 9600 Jeronimo Road, an industrial building near the southern edge of the former El Toro Marine base.

Masimo, under a new deal with that building’s owner, Newport Beach-based Irvine Company, will vacate the property this year and take all of the space at an Irvine Co.-owned office building at 15776 Laguna Canyon Road.

The two-story Laguna Canyon Road property has about 70,700 square feet; Masimo will pay monthly rents of 95 cents per square foot at the onset of the lease, with rents rising to $1.41 per square foot by the end of the 10-year deal, according to regulatory filings.

The new facility is about a quarter of a mile from Masimo’s 213,400-square-foot headquarters fronting the Eastern (133) Toll Road; it paid $56 million to buy the 52 Discovery building in 2014 and has invested millions more to upgrade it.

That building houses its corporate offices, as well as its domestic research and development activities. It’s one of Orange County’s more distinctive offices and has been used in the shooting of several movies.

Other buildings in Irvine used by Masimo, which employs about 580 in OC, house product manufacturing, warehousing, distribution and sales support operations, according to regulatory filings.

The Laguna Canyon Road property where Masimo will relocate to is now Irvine-based Boot Barn’s headquarters under a lease that ends this year.

Brokerage data from the local office of Cushman & Wakefield notes that Boot Barn signed a deal late last year to lease all of the space at 15345 Barranca Parkway, an 84,500-square-foot building about 2 miles away.

It’s expected that the Barranca Parkway building—also an Irvine Co. property—will be Boot Barn’s new headquarters; terms of the deal haven’t been disclosed.

Printronix’s current headquarters are at the Barranca Parkway building; a new location for the maker of industrial printers hasn’t been disclosed. It moved into the building about four years ago when it sold its prior headquarters—an 186,000-square-foot building near Jamboree Road and the Santa Ana (I-5) Freeway—to Irvine Co. for an undisclosed price.

The 14600 Myford Road building is now leased to U.K.-based aerospace and defense contractor Meggitt PLC for its divisional headquarters.

Hotel Funding

R.D. Olson Development has made some financial moves in preparation for its 15-story hotel project under way in Irvine Spectrum.

The Newport Beach-based developer late last month broke ground on its 271-room, full-service Irvine Spectrum Marriott at 7905 Gateway Blvd.

The project, announced last summer, is near the intersection of Alton Parkway and Irvine Center Drive next to a 210-room Courtyard by Marriott that R.D. Olson opened in 2014.

Construction of the Marriott is scheduled to finish in the summer of 2017.

An affiliate of R.D. Olson and its financial partner in the project, Joseph Martelli Real Estate Investments Inc. in Irvine, last month finalized the purchase of the land for the 4.84-acre project, property records show. The developer paid Irvine Co. a little more than $9 million for the land, according to CoStar Group Inc. estimates.

R.D. Olson and Joseph Martelli Real Estate Investments also got a $72.2 million loan from the Century City office of PNC Bank to finance the project, according to property records.

R.D. Olson said it plans to spend more than $100 million on the Spectrum project, or $400,000 per room.

The Irvine hotel will feature a rooftop bar, a Starbucks, 5,000 square feet of ballroom space, and a pair of smaller meeting rooms, among other amenities.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-