Hyundai Motor Finance Co. announced on Tuesday it signed a lease for about 100,000 square feet at Maguire Property Inc.’s new 3161 Michelson office tower in Irvine.
The credit and finance unit of Hyundai Motor America Inc. is expected to move into the space, which should total about four floors of the 20-story tower, in the second quarter. The unit had been based in Fountain Valley at the U.S. headquarters of South Korea’s Hyundai Motor Co.
The U.S. division of Hyundai is the largest automaker with operations in OC, and counts close to 900 workers here, largely in Fountain Valley and in Irvine.
The lease, one of the largest office deals struck during the downturn in Orange County’s office market, had been said to be in the works since early 2008. It’s the largest lease for any of the six new office towers that have been built in Irvine the past two years.
The lease brings the occupancy rate for the 532,000-square-foot 3161 Michelson tower close to 50%.
The building was originally expected to hold the headquarters of Irvine-based New Century Financial Corp., prior to the subprime lender’s bankruptcy last year.
The Hyundai lease comes as Los Angeles-based landlord Maguire is looking to sell the Park Place campus, which includes the 3161 Michelson tower. At 105 acres and nine buildings, Park Place is among the largest and most prominent properties in OC.
Maguire is looking to use the proceeds of a Park Place sale to pay down debt. Maguire bought the campus in two deals in 2004 for $475 million.
Hyundai was represented by Donald Yahn, from the Irvine office of Cushman & Wakefield Inc., in the lease. Peter Johnston, Stefan Khudic and Cori Caso represented Maguire Properties.
