Irvine subprime lender New Century Financial Corp. has formalized plans for a big lease at the Park Place office complex near John Wayne Airport.
New Century this week signed a lease for 179,000 square feet of space in three five-year leases, according to real estate Web site GlobeSt.com. The company, which funds mortgages to borrowers with imperfect credit, plans to shift its headquarters to Park Place in April from elsewhere in Irvine.
The deal is valued at about $25 million. The move stands to fill Park Place, which is owned by Los Angeles-based Maguire Properties Inc.
New Century could end up taking as much as 480,000 square feet of space at Park Place, according to real estate sources.
The deal could include the building of a 425,000-square-foot office tower, with New Century taking about half of the high-rise space.
