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Ephesoft Signs 15,000-SF Office Lease in Irvine Spectrum

New Deals Shows High Demand of the Area
February 20, 2018
Irvine continues attracting businesses with software company Ephesoft being one of the latest to set its sights on the increasingly popular area.

Ephesoft leased an entire 15,000-square foot office building at 8707 Research Dr. in Irvine, CA.

Built in 1999 on almost a full acre in the Irvine Spectrum submarket of Orange County, the property recently underwent a $3 million remodeling project which included a two-story lobby.

Ephesoft has 130 employees, and is relocating from Laguna Hills.

"They were able to occupy the building immediately with high end furniture included," said Carter Haslam, senior associate at CBRE. "To achieve the quality of improvements that this building has, most tenants in today’s market must sign longer-term leases, which we did not.

CBRE's Haslam, Scott Kenny and Garrett Ellis represented the tenant. Keith Black and Ross Bourne, also with CBRE, represented the landlord, Zina Development LLC.

"This is an exciting time of growth and expansion for Ephesoft," Ike Kavas, the company’s CEO, said in a statement. "CBRE provided us with multiple options and worked hard to help us get the space that better represents our brand and culture."

Irvine Spectrum has Become an Increasingly Competitive Submarket

Fundamentals are largely unequalled in Irvine Spectrum outside of the Irvine submarket and Newport Beach, according to Joshua Ohl, a senior analyst with CoStar Market Analytics.

Irvine Spectrum has high-end housing to accommodate high-paying jobs, new spec construction, and the city of Irvine has the strongest population growth in the metro near 2% annually with more than 50% of its residents having a bachelor’s degree or higher, Ohl said.

Irvine Spectrum also has a Metrolink stop, which the Irvine submarket does not, added Ohl. The Irvine Spectrum area has healthy fundamentals, unmatched by any other local submarket.

John Drachman, president of Newport Beach-based Stillwater Investment Group, said Irvine Spectrum has become the leading destination for many office tenants in Orange County.

"This is due to a variety of factors including its central location, access to multiple transportation options, quality newer office space, and quality amenities including retail and apartments," Drachman tells CoStar News. "To me, the Irvine Spectrum has passed the (John Wayne) airport area as the most desirable location for an office tenant in Orange County outside of Newport Center. I believe the Irvine Spectrum will continue to see strong tenant demand especially as more employees move to South Orange County to access quality and more affordable housing."

The Irvine Company is the largest land owner in the submarket, according to CoStar research.

"Company expansions and relocations include Broadcom, QLogic, and Cylance and the presence of Irvine Company, which controls so much land, helps keep fundamentals stable and over-building a back burner issue," Ohl noted.

Five Point Holdings, leading an investor group, purchased the 73-acre Broadcom campus in August of last year for $443 million. Located in the Great Parks Neighborhoods, the new name of the campus is Five Point Gateway. Broadcom signed a 20-year lease to anchor the campus, which has 1 million square feet of commercial space.

Karen Jordan, Los Angeles Market Reporter  CoStar Group   

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