Chipmaker Broadcom Inc. has subleased another portion of its sizeable Irvine base at the FivePoint Gateway office campus.
Accounting and data firm Omega Accounting Solutions is expanding and relocating its headquarters to a 21,464-square-foot space previously used by the chipmaker at 15101 Alton Parkway.
Omega’s new headquarters is more than three times the size of its prior base in Laguna Niguel.
The two Broadcom buildings at the Great Park Neighborhoods office complex total about 660,900 square feet of rentable space.
Broadcom (Nasdaq: AVGO), which the Business Journal estimates to employ about 1,300 workers locally, has subleased portions of its remaining office space to others over the past few years; Advanced Sterilization Products Inc., which has other operations in Irvine, signed a roughly 30,000-square-foot deal to take over part of a floor in 2020.
JLL’s Scott Wetzel and Joe Bevan represented Omega Accounting in the sublease; Broadcom was represented by Patrick Ryan of Cushman & Wakefield.
Omega Expansion
Omega will house more than 100 employees at its new base.
The company, which specializes in advising small businesses, was previously based out of a 7,000-square-foot space at the Three Flags Center office complex in Laguna Niguel.
The firm was founded by Jay Woods in 2007.
“Omega is rapidly expanding our accounting and data services to meet the needs of businesses by bringing on more highly trained staff to handle the workload,” Woods said in a statement. “We are thrilled at the opportunity to take over the space at the FivePoint Gateway. The modern complex is a true innovation hub that we believe matches our priorities for collaboration, integrity and efficiency.”
Broadcom Base
Broadcom’s lease at the two Irvine buildings runs until 2037.
PRP Real Estate Investment Management, a Washington, D.C.-based real estate investor backed in part by overseas funding partners, acquired the two buildings in 2020 for $355 million.
An affiliate of Irvine’s Five Point Holdings LLC (NYSE: FPH) sold the buildings for about $537 per square foot.
The entire four-building FivePoint Gateway complex totals 1 million square feet on 73 acres near the Irvine train station. It opened about four years ago; it was initially built under the expectation Broadcom would own and occupy the entire site.
The chipmaker’s 2016 sale to Avago Technologies for $37 billion changed those plans. With a smaller local base of operations, Broadcom opted to sell the under-construction campus to a venture backed by FivePoint, and lease back the two largest buildings.
City of Hope purchased one of the other buildings in 2020, and the fourth building remains under the ownership of Five Point and its investor partners.
