Myford Avenue may not carry the prestige of Newport Center Drive, but a 1-mile stretch of the street that straddles both Irvine and Tustin near Jamboree Road and the Santa Ana (5) Freeway can hold its own as one of the most notable streets in Orange County this year.
Irvine’s 14600 Myford building now counts the headquarters of Rivian Automotive; the electric vehicle maker has been moving operations into the new headquarters over the past six months or so.
If Rivian goes public this month as expected, its valuation will top $60 billion, which would make it one of the county’s most valuable publicly traded companies.
The Irvine Co.-owned building, once home to Printronix and later a unit of defense firm Meggitt PLC, runs about 190,000 square feet.
Another nearly 100,000-square-foot Tustin building about a mile away just off Myford, with a Franklin Avenue address, is also used by the upstart automaker.
The second Rivian facility, where construction work is still ongoing but is in use by the company, is next to a pair of buildings used by Tustin drugmaker Avid Bioservices Inc. (Nasdaq: CDMO), whose stock is among the best-performing of an OC-based public company over the past year, rising fourfold to a nearly $2 billion valuation as of last week.
Avid’s putting tens of millions of dollars into its Myford and Franklin facilities, to boost capacity for its contract development work for other pharmaceutical companies.
Also counting a Myford Avenue address: Tustin’s New American Funding. The home lender placed No. 1 among the fastest-growing large private companies in the Business Journal’s Sept. 20 ranking, with two-year growth of 303% to $1.4 billion.
New American, run by Patty and Rick Arvielo, is the largest women-owned mortgage company in the country. Patty Arvielo keynoted the Business Journal’s Oct. 28 Women in Business Awards; see related stories throughout this edition.
Next in store for Myford Avenue: a nearly 220,000-square-foot industrial building now in the early stages of construction at 14451 Myford. The Tustin development site sits a few doors down from New American’s headquarters.
Irvine-based industrial developer Panattoni bought the nearly 7-acre site about a year ago for $32.4 million and has since razed the prior buildings at the property.
Early-stage groundwork was ongoing as of a few weeks ago.
It’s set to be one of the largest new industrial buildings in the immediate area in years.
Fullmer Construction is heading up work at the site, according to signs at the development site.
Cushman & Wakefield’s Rick Ellison, Randy Ellison and Kyle McGillan have the listing for the new facility. A tenant hasn’t been disclosed, though the neighborhood clearly counts its share of local tenants in growth mode.