IRVINE — Device maker Inari Medical Inc. (Nasdaq: NARI), one of Orange County’s fastest-growing medical device makers of late, has added another office to its local portfolio, according to real estate data.
The firm, which focuses on catheter-based technologies to remove large blood clots from patients with venous thromboembolism (VTE), a condition that can lead to disability or death, recently inked a lease for 27,000 square feet at 510 Technology, a mid-rise office that’s part of Irvine Co.’s Discovery Park business park.
Inari, valued around $2.8 billion as of last week, is subleasing the space from a fellow device maker, Vyaire Medical Inc., according to data from real estate tracker CoStar Group Inc.
510 Technology is less than a mile from Inari’s headquarters at 6001 Oak Canyon, a roughly 130,000-square-foot facility in the Spectrum area of Irvine, also owned by Irvine Co.
Inari moved into that facility about three years ago.
Costa Rica Addition
Inari has leased other buildings in the Irvine area for its operations in recent years, though its biggest real estate move of late was outside the country.
Near the start of the year, it announced plans to invest a minimum of $15 million in a new manufacturing facility in Grecia, Costa Rica.
The company recently signed a lease agreement for a roughly 70,000-square-foot development in that city’s Evolution Free Zone, a high-tech business park that is roughly an hour drive from San José, Costa Rica’s capital.
The lease agreement, which allows for two sizeable phases of expansion beyond the first building, also comes with an option to buy the manufacturing and distribution facility, according to regulatory filings.
Inari expects to initially hire 300, and ultimately 600 people, at the new location and its future phases, which are scheduled to open sometime next year, according to a statement.
It counted 630 workers at its Irvine headquarters as of last year, according to Business Journal data.
Respirator Co. Restructuring
Vyaire, a maker of respirators and related products, had listed the entirety of the 510 Discovery building for sublease earlier this year, according to marketing materials. Its lease was scheduled to run through November 2028.
The Chicago-based company looks unlikely to keep that lease until the end of the term, according to court documents; the firm filed for Chapter 11 bankruptcy protection in June, citing declining demand for its ventilator products as the pandemic has winded down.
The firm listed assets of up to $500 million and liabilities of up to $1 billion, according to court filings. It intends to sell all of its assets, filings indicate.
CoStar records indicate the company’s sublease with Inari was struck prior to its bankruptcy filing and is due to begin in September.
