The Irvine Company has found a big-name financial tenant to occupy half the space at the office it is building along Pacific Coast Highway in Newport Center.
Bank of New York Mellon Corp. signed a lease for 20,486 square feet at 1600 Newport Center Drive, a two-story office that the Irvine Co.’s finishing work on near its headquarters at Newport Center.
The New York-based bank’s private wealth management operations for Orange County are set to be consolidated at the office.
BNY Mellon will be taking up the second floor of the building, known as Corporate Plaza West. Its name is set to be displayed on the top of the two-story office.
Financial terms of the 10-year lease weren’t disclosed. The Irvine Co. is marketing the remaining space at the building for $4.60 per square foot per month, according to the company’s Web site.
The low-rise building is the first office to be open in Newport Center in about four years. The Irvine Co. broke ground on the 40,000-square-foot building on Newport Center Drive about a year ago. It’s set to be completed in a few months.
BNY Mellon plans to move in October. It will be moving personnel from its existing wealth management office near John Wayne Airport at the Irvine Co.’s 4695 MacArthur Court. The bank, whose regional offices are led by David Emmes and David Holst, plans to add employees following the move.
For more on this story, see the April 21 edition of the Business Journal.
