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MicroVention Buys PacLife Building for $44M

MicroVention Terumo, Orange County’s seventh largest medical device maker by local employee count, is undertaking an aggressive expansion.

The Aliso Viejo-based maker of stroke treatments last month paid Pacific Life Insurance Co. $44 million for a 242,706-square-foot office tower in its home city at 45 Enterprise.

The nine-story building is adjacent to MicroVention’s current headquarters at 35 Enterprise, a 205,000-square-foot four-story office. Both properties are part of Summit Office Campus, a 1.7 million-square-foot master-planned office complex of 16 buildings, next to the San Joaquin Hills (73) Toll Road.

The move is an early step in MicroVention’s long-term growth plan in OC. Demand for its products, such as its catheters that treat strokes caused by blood clots, has been on the rise.

“Unlike other catheters out there, ours can more easily navigate through the brain’s complex arterial system, which is why it’s so well liked by physicians,” MicroVention Chief Executive Carsten Schroeder told the Business Journal.

The company, which is owned by Japanese medical device maker Terumo Corp., counts over 100 job listings, a majority of which are based in Aliso Viejo. The firm’s local headcount currently totals more than 1,250 personnel.

MicroVention, which has been in growth mode since last year, added about one fifth of its staff over the last 12 months.

Operations Split

MicroVention aims to begin occupying 45 Enterprise this fall.

The company plans a slow, years-long move-in for its new building, following cosmetic enhancements to the property.

The building’s whale statue—which pays homage to Pacific Life logo—will remain, as California law prohibits the removal of such art pieces, according to Schroeder.

“It’s beautiful, and it isn’t going anywhere,” he said.

Within the next five to 10 years, MicroVention aims to use 45 Enterprise primarily for corporate operations—such as finance, marketing and legal—while 35 Enterprise will be a hub for the company’s manufacturing ops and R&D.

Almost Half Off

MicroVention moved into the adjacent 35 Enterprise property in 2017. The office building, completed seven years ago, currently houses the company’s corporate finance and administrative functions, global marketing and sales teams, as well as an R&D center and manufacturing capabilities, including clean room facilities.

MicroVention for the past year had been eyeing a second nearby building for its growing staff.

“Obviously, the proximity of 45 Enterprise was a very attractive factor,” Schroeder said.
Newport Beach-based life and retirement insurance provider Pacific Life parted with the building at a 45% discount from its asking price.

The $44 million deal works out to around $181 per square foot. OC offices, prior to the sector’s meltdown caused by slow return to work, historically have traded at around $300 per square foot, according to real estate sources.

The 45 Enterprise property sat on the market for more than nine months before trading.
Pacific Life built the building in 2007 and moved in the year after.

The company still owns other local real estate: a 350,000-square-foot landmark office building, across the street from Fashion Island shopping center in Newport Beach.

The property, at 700 Newport Center Drive, serves as Pacific Life’s headquarters.

The company employs 1,156 personnel in OC, officials told the Business Journal.

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