A notable office building along Von Karman Avenue in Irvine is getting a facelift.
Kelemen Co. is wrapping up a $14 million renovation of the 10-story Atrium office tower, about a mile from John Wayne Airport.
Upgrades include work to the building’s distinctive glass-enclosed lobby, the offices themselves, and one of its more notable tenants: Bistango, a ground-floor restaurant popular among local execs for power lunches.
The commercial real estate investor has its headquarters in the building, which it bought near the end of 2018 for $106.8 million, or $352 per square foot. It’s the company’s largest single-building investment in Orange County, and its first office tower in the area.
With an occupancy rate of 96%, the renovation is likely to appease and maintain existing tenants, rather than attract new ones.
“There’s a lot of competition in the area, and it was important for us to invest in this property to give tenants an inviting, collaborating and attractive place to work,” Chief Executive Tibor Kelemen told the Business Journal.
Coffee, Salon Amenities
Upgrades have been moving along slowly but surely since Kelemen Co. bought the property. Work started about a year ago, and is slated to wrap within the next few months with the final component: a new lobby.
The company first got to work on an overhaul of the buildings elevator systems and infrastructure, and then converted a basement storage space into a fitness facility.
“I wanted to create a gym that I would want to work out in,” Kelemen said. “I wasn’t sure if tenants would take advantage of it, but so far it’s been very busy.”
The owner also added conference rooms and public spaces, with plans to upgrade additional office space when tenants leave.
Bistango recently upped its lease for an additional decade, and plans to invest more in its own space.
This could result in aesthetic improvements or in the addition of a new food concept that will operate out of the same kitchen.
“The exterior patio will either be upgraded, or will house a smaller eating concept that can be an evening social spot,” Kelemen said.
Checkers, a more casual, 3,000-square-foot eatery at the Atrium, will stay on as a tenant.
Kelemen Co. is adding two new vendors to the ground floor: Bardot, a Tustin-based coffee and juice shop that will open its second location at the Atrium, and a third location for Danckuts, a hair salon.
KPRS Construction Services of Brea is handling lobby work, while HIL Builders was brought on as a tenant-improvement contractor.
