Newmark[1] announces it has secured nearly 90,000 square feet of new office leases, bringing 7700 Irvine Center Drive and 111 Pacifica in Irvine, a submarket in Orange County, California, to 100% occupancy.
Newmark Managing Directors Richard Sung and Andrew Robben serve as the exclusive leasing agents on behalf of ownership at both properties, Camphor Partners and Toda America Inc., respectively. The Newmark team represents the second largest market share of office space in the Irvine Spectrum submarket, trailing only The Irvine Company.
The transactions include a collection of 23 total new leases across the two properties. Notable new tenants include Crown Castle (NYSE: “CCI”), Huntington Bank (NASDAQ: “HBAN”) and Mad Engine at 7700 Spectrum and Reliance Standard at 111 Pacifica.
“These new leases signal positive momentum and a growing demand for well-positioned office space,” said Sung. “Our ability to secure full occupancy in these buildings reflects the quality of the assets and the resilience and adaptability of the Irvine office market. We’re seeing encouraging signs of recovery, with companies continuing to value the strategic location and amenities that Irvine offers.”
Robben added, “We are fortunate to work with great clients that have provided us the proper tools for success. These nimble landlords supplied spaces ready for occupancy and then were prepared to act quickly and decisively, which proved to be the winning combination.”
7700 Spectrum is comprised of 210,000 square feet of Class A office spanning nine floors. Features include a two-story lobby, extensive glass lining, on-site conference facility and on-site property management. The property also offers free surface parking and immediate access to the I-5, I-405, SR133 and 241 toll roads. It is situated minutes away from the Irvine Spectrum Shopping Center and other surrounding retail amenities.
111 Pacifica is a three-story, 69,000-square-foot Class A office building that recently underwent interior and exterior renovations including new lobbies, common areas, outdoor seating, landscaping and new electric vehicle chargers. Tenants benefit from surface and covered parking as well as a plethora of adjacent retail amenities including Starbucks, Whole Foods, Mendocino Farms and Hiro Nori Ramen.
[1] Dba Newmark Knight Frank in California
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
