Irvine’s New Century Financial Corp. outlined plans Thursday to move its headquarters to a planned 20-story office tower in another office park in Irvine in 2007.
The subprime lender signed a lease for 190,000 square feet with Los Angeles-based Maguire Properties Inc., which owns Park Place at the corner of Michelson Drive and Jamboree Road. The value of the deal was not disclosed.
Maguire is expected to start construction on the tower later this year and finish in spring 2007.
“Relocating our corporate headquarters to the nearby Park Place complex consolidates most of our Orange County associates in one campus-like environment, which provides opportunities for increased efficiency and better communication among our associates,” said New Century Chief Executive Robert Cole.
Park Place is a sprawling 105-acre office and retail campus. Maguire Properties expects to finish development there, including high-rise housing, during the next five to seven years.
New Century announced earlier this year it had signed a lease with Maguire for 179,000 square feet of space at Park Place. The company already has relocated about 800 of its workers there, with another 1,000 scheduled to move during the next four months.
