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Wednesday, Aug 10, 2022

Ice Packs, E-Course Software Filling Spectrum Terrace

Two of the area’s; faster-growing private companies—sports fitness device firm Hyperice and Kajabi LLC, a website creation platform for small businesses and online entrepreneurs—are planning their next stages of growth at Irvine’s newest office park.

The duo recently struck leases at Spectrum Terrace, the mid-rise complex along the San Diego (405) Freeway whose first phase of development recently wrapped up.

Kajabi will be more than doubling its office space with a 43,789-square-foot lease at Spectrum Terrace. It now occupies 17,241 square feet at the nearby Sand Canyon Business Center—it moved into that space less than a year ago.

“Our growth and need for space admittedly caught us by surprise—heck it was only eight months [since the last move],” said Kenny Rueter, co-founder and chief executive at Kajabi, which employs about 200 people in Irvine now.

Meanwhile, Hyperice is nearly tripling its office space in the area; it signed a lease for 13,740 square feet at Spectrum Terrace.

The maker of high-end ice compression wraps, massage devices and other products, whose investors include notable athletes like basketball star Blake Griffin, has been located at Discovery Business Center.

Follows WeWork

The two leases come three weeks after the Business Journal was first to report of coworking giant WeWork leasing one of the three new office buildings at Spectrum Terrace. At 116,000 square feet, it’s among the largest shared space leases reported in the country this year.

Irvine Co. development’s first phase runs close to 350,000 square feet. It includes a trio of offices running three and four stories, plus a pair of smaller amenity buildings.

The project is now 50% leased, according to the Newport Beach developer, which noted that the new leases are for companies already in their portfolio of tenants.

These “companies have thrived at their current workplace community and selected one of our newest communities to support their continued growth,” said Tom Greubel, Irvine Co. vice president of leasing.

Future phases of construction at Spectrum Terrace will include six more mid-rise offices and other buildings, and will boost the size of the campus close to 1 million square foot.

Talent Draw

Spectrum Terrace “truly embodies our core values as a company and the amenities are unparalleled. In the war for talent in Orange County, we couldn’t think of a better place to call home,” said Kajabi’s Rueter, who started the company with Travis Rosser; Rosser left in 2018.

The company began operations in 2010; its software initially focused on an all-in-one online membership and course platform, for building, managing and marketing e-courses for online businesses.

It later expanded from offering e-course support to helping build the online presence of small companies and individuals looking to make money off their digital content—its software helps them launch marketing campaigns, build landing pages, and design websites, among other services.

As of 2017, the company was doing close to $15 million in sales, and had more than 10,000 customers, according to news reports. The privately held company hasn’t disclosed more recent sales.

NBA Therapy

Hyperice was founded in 2012 by Laguna Beach native Anthony Katz, a former high school teacher and basketball coach.

The company makes devices to help athletes recover from injuries, and enhance their movement in training. Its first product, an ice compression product, has been used by numerous NBA stars—Detroit Pistons forward Griffin was an early investor and first prominent endorser of the product.

It has subsequently added massage and stretching-related offerings; its latest product, the Hypervolt Plus, is a portable massage device that runs about $450. It launched this month.

It posted about $10.5 million in sales in 2017, according to industry reports.


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