2021 OC 50: Building Next-Gen Workspaces

High-rise buildings might not be as in vogue these days as in prior years, and the concept of coworking is being rethought in wake of the pandemic. No one doubts that Orange County’s closely watched office market will play a key part in bringing new companies and new jobs to the area, though. These execs are helping shape the look and operations of those offices.

DONALD BREN
Owner, Chairman
Irvine Co.
Newport Beach

Office Portfolio: 53 million square feet

BIO: County’s largest landowner, landlord, with more than 126 million total square feet in companywide portfolio, including more than 560 offices, over 40 retail centers, over 125 apartment communities with nearly 65,000 units, three golf clubs, five marinas, and three resorts. Sole shareholder of company. Wealthiest U.S. real estate developer. The Business Journal estimates fortune at more than $17B.

NOTABLE: Irvine Co. didn’t stop building during the pandemic, and now touts some of the most forward-looking, and timely, office developments in the state. New Innovation Office Park, spanning 73 acres, will ultimately span 1.1 million square feet. The just-wrapped first phase total 300,000 square feet of low-rise product across eight two-story buildings.

QUOTABLE: “We wanted to deliver an open-air village that is unlike anything in the market today, and makes employees want to return to the office,” Steve Case, EVP of Irvine Co.’s office division, told the Business Journal last month.

PARKE MILLER
EVP
Lincoln Property Co.
OC Base: Irvine

Local Portfolio:
7.1 million square feet

BIO: Leads Dallas-based landlord’s OC division. Notable holdings include Flight office development on former Tustin Marine base. Creating OC’s first ground-up creative office project earned his Business Journal’s nod for Businessperson of the Year in 2020, for the real estate sector.

NOTABLE: Frequent partner with coworking companies at its properties. Regarding sector headwinds, Miller said while “just like in retail, there very well may be bankruptcies and/or closures. And just like in retail, great locations and great properties will be fine long term, even if there are painful impacts in the short term.”

QUOTABLE: “High-rise office projects were going out of vogue before the pandemic, and that’s only accelerated in the past year,” he said in April.

JEFF REINSTEIN
CEO    
Premier Workspaces
Irvine

Office Portfolio: 1.6 million square feet

BIO: Runs one of the largest privately held coworking/executive suite operators in the country, which has been in business nearly 20 years. Premier, backed by fellow Irvine-based firm Bascom Group, has owned or operated a total of 132 shared workspace locations over its history. Over two decades, Premier said it has never had an unprofitable year, nor defaulted on a lease.

NOTABLE: Looking to capitalize on recent distress in the coworking sector. Moving forward with plans to grow by taking over distressed locations from other operators, and add more than 100 new locations over the next few years. For more, see story, page 3.

QUOTABLE: “Over the past nearly 20 years, Premier Workspaces has taken over and repositioned 74 distressed or bankrupt shared workspace locations. There is no company in our industry that has the same track record or depth of experience.”