Irvine’s Pathway Capital Management LLC, an investment manager with a multibillion-dollar portfolio and big-name clients, is moving to an office tower going up near John Wayne Airport.
The company plans to lease 37,250 square feet, or about two floors, at 2211 Michelson, the 265,000-square-foot office tower being built by Houston-based Hines Interests LP and Crescent Real Estate Equities Co. of Fort Worth, Texas.
It’s is nearly double the space Pathway has been taking nearby at Jamboree Center’s 5 Park Plaza building, also in Irvine. The lease is for 10 years. Financial terms weren’t disclosed.
The deal is the first for any of the six office towers being built in Irvine since construction started on the buildings a year ago.
One developer, Los Angeles-based Maguire Properties Inc., leased about 270,000 square feet of space at its 3161 Michelson tower before starting construction.
2006 saw no leases, prompting some to wonder about demand for all the new office space.
Landing 2211 Michelson’s first tenant “is a milestone moment,” said Doug Holte, director of Hines’ Orange County and San Diego operations.
The company plans to finalize more leases in the next month or two, he said.
For more on this story, see the Jan. 29 edition of the Business Journal.
