The Federal Deposit Insurance Corp. said on Tuesday it will be opening a temporary office in the Irvine Spectrum next month, and it signed one of the largest office leases seen in Orange County in several years.
The FDIC signed a 200,000 square foot lease for the Irvine Co.’s empty 40 Pacifica building in the Spectrum. The lease is for three years, with two one-year options.
The FDIC expects to gradually move into the space starting at the end of December.
The office will be used to manage receiverships and to liquidate assets from failed financial institutions, primarily those based in the Western U.S.
The deal’s likely to be a big source of jobs for Orange County. The FDIC said it will hire non-permanent employees and contractors for the office.
The number of jobs needed will be based on the number of bank closings that occur west of the Rockies, the FDIC said. The office space it is leasing should be able to hold close to 800 employees, if not more.
Other locations in Irvine and Pasadena had been considered for the office. The lease had been rumored to be in the works for about a month.
The Orange office of Grubb & Ellis Co. advised the FDIC in its search.
