Irvine Co. said that it has wrapped construction on the second phase of its Spectrum Terrace office campus, which is currently 50% pre-leased following a pair of new deals.
The 1.1 million-square-foot complex finished its second 345,000-square-foot phase of development in December, with three new buildings ready for tenants. That follows the first phase’s debut in 2019 that is now spoken for by a handful of companies.
The two newest deals are for 60,000 square feet at the 17400 Laguna Canyon building within the mid-rise complex along the San Diego (405) Freeway, officials said. They are the largest leases for the project since the onset of the pandemic in March.
“The leasing activity at Spectrum Terrace has been a key indicator that companies remain bullish about Orange County’s business climate, our ability to weather the current healthcare pandemic and to come back even stronger,” Tom Greubel, Irvine Co.’s vice president of leasing, said in a statement.
New Tenants
Chicago-based RSM US LLP, an audit, tax and consulting firm specializing in the middle market, is behind one of the two deals, inking 30,000 square feet of space.
The company is the fifth-largest accounting firm in the United States with more than 11,000 employees. It ranks No. 6 among accounting firms in OC, with 226 area employees as of last year.
The firm, with local operations previously at the Von Karman Towers office complex near John Wayne Airport, is still operating remotely for the most part.
Officials said, “Spectrum Terrace offers a number of competitive advantages that will contribute to our growth once we can safely return to an office environment and in-person meetings.”
Pasadena-based iHerb, an online vitamins and supplements retailer, is behind the second 30,000-square-foot deal.
The company said Spectrum Terrace will aid in iHerb’s “recruitment and retention efforts.” The company’s local base had been Irvine Co.’s Sand Canyon Business Center, a couple miles away.
Phasing Development
Spectrum Terrace’s second phase spans 345,000 square feet across three buildings, joining the first phase’s 350,000 square feet that also includes a trio of offices plus a pair of smaller amenity buildings.
Final phases of construction at Spectrum Terrace will include three more mid-rise offices and other buildings.
The office project lost one of its larger and more notable tenants around the onset of the pandemic: troubled New York-based coworking operator WeWork.
The company pulled out of its lease for an entire 116,000-square-foot building at Spectrum Terrace due to mounting internal problems exacerbated by shelter-in-place orders.
The largest tenant at Spectrum Terrace is Irvine-based data analytics software maker Alteryx Inc. (NYSE: AYX), which is leasing 183,000 square feet for two buildings at the site.
