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Monday, Sep 26, 2022

R.D. Olson’s Development Arm to Newport Beach

Hotel developer R.D. Olson Development is moving its offices to Newport Beach and closer to one of its biggest projects on tap.

The company, currently based in Irvine, said it will lease about half a floor of Irvine Co.’s new 520 Newport Center Drive office tower next to Fashion Island.

Its office will be on the sixth floor of the trophy property. The company is scheduled to move into the space in September, according to Bob Olson, founder and chief executive of the company, which has been California’s most active hotel developer for several years running.

It’s the first big lease announced for the building in several months. About a third of the 21-story speculative tower is leased, according to Costar records. Its largest tenants include Stifel Nicolas & Co. and Acacia Research Corp.

The new R.D. Olson office will put the company a little closer to its Lido House hotel project in Newport Beach, which will go up on the site of the former city hall. Olson said he hopes to break ground on the 130-room project in the fourth quarter, pending California Coastal Commission approvals.

The Newport Beach office will also put the company closer to its 250-room Pasea Hotel & Spa project in Huntington Beach, which is on track to open in mid-2016.

R.D. Olson Construction, an affiliate of the development group that’s worked on about $2 billion in hospitality construction since its inception in 1979, will remain in Irvine, taking over the development company’s space at the 2955 Main St. building both companies currently occupy.

The Business Journal last week reported on a major new office project in the Irvine Spectrum that R.D. Olson plans—a 14-story, full-service Marriott Hotel it will break ground on this year. The project’s cost is an estimated $100 million-plus.

Fisker Update

A return to familiar ground in Anaheim doesn’t appear to be in the cards for Costa Mesa-based Fisker Automotive and Technology Group.

In early May, I reported on growing buzz surrounding the real estate moves of the luxury hybrid sports car maker, including a potential return to its former headquarters in Anaheim, as well as on the company looking to lease a new manufacturing plant of more than 500,000 square feet in the Inland Empire.

The second of the moves is still a go—in mid-June Fisker announced that its first U.S manufacturing plant for the relaunch of the Karma hybrid electric car will be in the city of Moreno Valley, where it’s leasing 556,000 square feet of industrial space.

However, a move back to the 5515 E. La Palma Ave. building in Anaheim, which Fisker occupied before its 2013 bankruptcy and a subsequent move to Costa Mesa, is no longer a go after lease negotiations fell apart, according to real estate sources.

It’s unknown whether the car maker is actively looking at other headquarters facilities. Fisker, at the time the Inland Empire lease was formally announced, noted that the plant, which will create 150 full-time jobs, was “a short distance from their headquarters in Costa Mesa.”

Texas Campus

CoreLogic Inc. has a big move in store for its sizeable Texas operations.

The Irvine-based provider of data and research for the housing, mortgage and other markets recently committed to a 327,183-square-foot office project in Cypress Waters, Texas that will serve as its North Texas operations.

Groundbreaking for the project near Dallas/Fort Worth International Airport will take place this year, with a scheduled 2017 opening.

Financial terms of the build-to-suit project haven’t been disclosed.

The campus has the potential to hold 1,800 CoreLogic employees, according to local reports. The company currently occupies space in nearby cities Westlake and Richardson.

The company leases about 600,000 square feet in Westlake under a deal that runs through 2017, according to regulatory filings. It’s the biggest lease the company has for its operations.

It leases about 170,000 square feet in the Irvine Spectrum for its headquarters under a lease that expires in mid-2021.

CoreLogic, in addition to local relocations at the new Texas facility, “plans to bring additional employees to the operation from out of state,” according to a report in the Dallas Morning News.

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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