Mark Mueller covers commercial and residential real estate for the Orange County Business Journal. His beat also includes title insurers and mortgage lenders, as well as government stories that relate to real estate. He can be reached at firstname.lastname@example.org.
Phone: 949-833-8373 Extension: 226
While this issue’s Commercial Development Special Report (starting page 21) highlights the area’s batch of just-built and under-construction projects, there’s still plenty of news coming from a handful of OC buildings just a bit older.
REAL ESTATE: Next-door deals in Tustin; $49M
SteelWave LLC, the Foster City-based real estate investor currently heading the development of The Press creative office project in Costa Mesa, has added a pair of large buildings in Tustin—including one of the city’s recently rebuilt creative office properties—to its area portfolio.
REAL ESTATE: Ocean West, Angelo Gordon buy
A nine-story office in the South Coast Metro area of Santa Ana has sold for $54 million, in the highest-priced investment sale in Orange County reported to date.
FINANCE: TGS billionaire a buyer, records indicate
Wells Fargo & Co. has sold two offices it owned in the Irvine Spectrum for about $60 million combined, the latest sign of local retrenchment for Orange County’s second-largest commercial bank by employee count and local deposits.
A new report from brokerage JLL shows that Orange County has added nearly 245,000 people to its population since 2010.
TECHNOLOGY: $1.2B sales beats prior projection
A blockbuster merger with a Midwest competitor last summer has gone faster and better than expected, according to Irvine-based IT services provider and consulting firm Trace3 Inc.
Seeking Nearly $125M for 12-Story Tower Near JWA
Kilroy Realty Corp. (NYSE: KRC) is cashing out on Orange County.
LEGAL: Boardwalk gets top floor tenant
Rutan & Tucker LLP, Orange County’s second-largest law firm by local attorney count, has inked a deal to move its headquarters to The Boardwalk office development along Jamboree Road in Irvine, about a mile from John Wayne Airport.
Looking to make a list of the most notable backers of University of California, Irvine?
COWORKING: Lease runs about 51,500 SF
New York-based WeWork, the largest and fastest-growing coworking landlord in Orange County, has added its first Newport Beach location to its local portfolio.
HOMEBUILDERS: Long garages, storage rooms
Irvine’s most affordable batch of newly built, for-sale homes in years have hit the market, with a look unlike much of what’s been built to date in Orange County’s fastest-growing city.
TECHNOLOGY: Tyffon plans first US spot in LA
Orange County’s growing role in the virtual reality industry got another boost last week, as an early-stage firm with domestic operations here that operates a handful of VR-powered entertainment venues announced a $7.8 million round of funding.
A Commanding Presence
Former Defense Secretary Jim Mattis no doubt can command the troops. The Marine general also has a good command of the business community.
ACCOUNTING: First OC office for Armanino
Irvine-based Bolar Hirsch & Jennings LLP, Orange County’s 14th-largest accounting firm by local employee count, is being acquired by a San Ramon-based competitor that’s been on a growth push in Southern California of late.
Spangenberg Replacement Search to Begin Soon
The University of California-Irvine’s Paul Merage School of Business is on the hunt for a new dean.
Crowdstrike Holdings Inc., a security software maker that got its start in OC in 2011, has filed plans to go public.
There were no signs of Iron Man, flying armored suits, or other comic book-type next-gen tech toys anywhere on display at the futuristic headquarters of Masimo, a few days after the latest “Avengers: Endgame” movie was released.
This week’s edition of the OC 50, the 26th edition of our annual inventory of influence, counts 15 new faces, the most change the listing has ever seen.
Plymouth, Mich.-based Rivian, an electric truck maker with a growing operations base in Irvine, has received a $500 million investment from Ford Motor Co.
Irvine’s Solarflare Communications Inc., Orange County’s 11th-largest chipmaker by employee count, is being acquired by San Jose-based computer technology giant Xilinx Inc., the companies announced last week.
Irvine-based Solarflare Communications is being sold to San Jose-based Xilinx Inc. on undisclosed terms.
News for Squinting Eyes
When the robots and machines take over, as foretold by all from the Simpsons to the Terminator, they’ll probably use Syntiant chips.
Opportunity zones—economically challenged areas that stand to benefit from investment tax incentives created through President Trump’s 2017 tax reform bill—are this year’s hot topic in commercial real estate circles.
Newport Beach-based ConversionPoint Holdings Inc. is looking to raise $40 million in an initial public offering.
The Year of Food
Fine dining’s never in short supply at South Coast Plaza, but 2019 is seeing the luxe mall pull out all the stops to keep its shoppers happy, and full.
Other items of interest Orange County Business Journal Vol. 42, No. 14
Irvine-based data science and analytics firm Alteryx Inc. (NYSE: AYX) bought ClearStory Data, a privately held software company in Menlo Park.
REAL ESTATE: 94-Unit Branch West JV Near Arena
Irvine’s Bascom Group, a privately held real estate firm best known for investing in existing apartment properties across the country, is getting into multi-family development in Orange County.
CBRE Group Inc. has long stood as Orange County’s largest commercial real estate brokerage, as well as the area’s biggest property manager of commercial buildings.
REAL ESTATE: HanaHaus in April; Innovation Center Too?
Newport Beach is getting its first large waterfront coworking space through a project backed by the co-founder of enterprise software giant SAP SE.
Buy the Book
“Any company I run is going to be sold every three to seven years,” CoolSys Chief Executive Adam Coffey said in our March 4 edition, when we excerpted his just-released book, “The Private Equity Handbook.”
Commercial real estate development and investment giant Hines plans to ramp up its work in Asia, and has tapped the head of the firm’s busy Orange County office to lead the charge.
GAMING: Irvine firm now tops in office space
A sizeable round of job cuts in Irvine is unlikely to have much impact on the local space needs of Blizzard Entertainment Inc., the online video game publisher whose collection of area properties now makes it Orange County’s largest office tenant.
A prominent Irvine industrial building near John Wayne Airport that was caught up in an international caper featuring federal allegations of illegal commodities trading a few years ago has a new business plan: becoming Orange County’s first big coworking site for warehouse users.
The New Oil
Data science and advanced analytics firm Alteryx Inc. appears to be just scratching the surface of its potential growth, no small feat considering the $4.5 billion valued company’s stock nearly tripled since the start of 2018.
RESTAURANTS: Ghahreman’s Dellah on fast track for growth
Chef Azmin Ghahreman is widely considered one of Orange County’s top culinary figures.
Reformation at the OC District Attorney’s office won’t take place overnight, according to newly minted DA Todd Spitzer.
Pensions are a hot topic in this week’s edition: note Canada’s No. 2 pension fund taking a 40% stake, and providing a $400 million war chest, to Steve Jones’ Allied Universal (see story, front page).
REAL ESTATE: 70,000-SF building near Spectrum HQ
A wetter-than-normal start of the year didn’t stop the Irvine Ranch Water District from beginning a new creative office project on vacant land it owns next to its Sand Canyon Avenue headquarters.
Palmer Luckey's Anduril Touts Border Technology, Refines Irvine HQ Plans
Anduril Industries, one of Orange County’s more closely watched startup firms, is ramping up its public profile, not to mention its defense and security-focused technology offerings, while shedding more light on its local growth plans.
Irvine’s ATTOM Data Solutions has been acquired by Lovell Minnick Partners, a Philadelphia-based private equity firm, on undisclosed terms.
Bill Gross spoke to just two reporters last week after announcing his impending retirement.
Newport Beach Co-HQ; Could Command $1B
Drunk Elephant LLC has its eyes on being the next cosmetics company with roots in Orange County to pass the $1 billion mark in valuation (see related story, front page).
The City of Hope is coming to Orange County, a few years earlier than expected.
How Leigh Steinberg Landed the NFL’s Newest Superstar
Leigh Steinberg doesn’t represent any of the Los Angeles Rams or New England Patriots playing in the Super Bowl.
Close to $5 billion was spent on new Orange County homes in 2018—builders’ second-best sales year in the last 15.
26,500 New Rental Units Since 2010
OC’s new home market saw a 10% drop in sales volume last year (see story, page 1), but the region’s multifamily future remains bright.
Take Largest of Four Buildings from Panattoni
Panattoni Development Co.’s Orange County Commerce Center, a four-building industrial project straddling Anaheim and Placentia that’s one of the largest industrial developments now underway in the county, has its first tenant.