Irvine-based LPA Inc., Orange County’s second-largest architecture firm, plans to spiff up its new headquarters at UCI Research Park.
The company recently announced a new 55,450-square-foot lease at 5301 California, one of the buildings at UCI Research Park once used by Broadcom Corp. before the chipmaker moved to Five Point Gateway on the opposite side of the city.
LPA had occupied space at two nearby buildings at the office park, and leased about 54,900 square feet.
Newport Beach-based Irvine Co., which owns the business park buildings, said in a statement that LPA’s new consolidated space “will underscore the firm’s expertise in sustainable design.”
Instead of private offices, the interior will “feature large open areas with work zones customized for the firm’s myriad specialties and skill sets,” Irvine Co. said. Zones will feature flexible workspaces and furniture, from high-top tables and closed conference rooms to alternative work spaces.
“We’re excited to have the opportunity to create a workplace environment that reflects the energy of our culture as our firm continues to grow,” said LPA Chief Executive Wendy Rogers.
The firm plans to move into the space in March.
Nearly half of the 836,000 square feet of office space Broadcom vacated at the park was re-leased by Irvine Co. over the past year, according to brokerage data.
LPA brought in $49.1 million in OC billings for the year ended June 2017, according to last year’s Business Journal’s ranking of area architecture firms. The next list will be released Sept. 24.
Rental Glitz
Legacy Partners has opened the first upscale apartment project in the Costa Mesa arts district area in a decade.
The Foster City-based developer took the wraps off 580 Anton this month. The seven-story, 250-unit rental complex is across the street from Plaza Tower.
Legacy acquired the land in 2015 in a joint venture with Des Moines, Iowa-based Prudential Real Estate Investors and broke ground in 2016. The roughly two-acre site previously held the Lakes Pavilions retail center. The developers paid about $21.3 million for it.
The complex features studio, one- and two-bedroom residences. Amenities include valet and room service, a dog-wash station, a grand salon with piano, fitness center, game room, and a resort-style swimming pool and spa overlooking Segerstrom Center for the Arts, the developer said.
Studios start at about 500 square feet, and two bedroom units are about 1,200 square feet. Monthly rents top $4,000 for some larger two-bedroom units, and studios start around $2,000.
It’s the first new apartment project within walking distance of the arts center since Irvine Co.’s The Enclave opened in 2008.
Cress in Cerritos
Newport Beach-based Cress Capital LLC paid $89.5 million for five offices just over the Los Angeles County line in Cerritos.
The real estate investor bought buildings totaling 462,000 square feet at Cerritos Towne Centre, a mixed-use development near the Artesia (91) Freeway, for about $194 per square foot. They were sold by Principal Real Estate Investors.
The buildings represent nearly half the office space at the 125-acre center, which includes the Cerritos Center for the Performing Arts and a 600,000-square-foot shopping center.
Cress’ new portfolio includes two seven-story buildings and three two-story buildings that are 88% occupied, according to the buyer.
Cress said it’s spent nearly $250 million on acquisitions over the past year and a half. Its office portfolio, in Southern California and Colorado, is now about 1.7 million square feet.
