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4/11/08
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In a recent Irvine office lease, Waterfield Bank, a federal savings bank based in the Midwest, has taken two floors of space totaling approximately 30k sf at the 18-story high-rise formerly known as Tower 17 in an eight-year transaction valued at approximately $9 mil ($3.12/sf/mo). The space will house the bank’s West Coast headquarters.
The 240k sf office building is located at 18881 Von Karman Ave, at the corner with Martin Street. The building will be renamed Waterfield Tower in honor of its newest tenant, which will also be leasing space on the ground floor for a bank branch. Waterfield, slated to occupy its new space in May 2008, will be relocating from 10k sf elsewhere in Irvine.
The property is owned by The Muller Company, a local full-service real estate development, management, and investment firm with over 12 msf of office, industrial, and retail real estate throughout the Western U.S., and Rockwood Capital, a private real estate investment company that currently manages more than $2.7 bil of equity commitments. The building is home to The Irvine Museum, the only museum in California dedicated to the preservation and display of California Impressionism.
Garrett Ellis and Scott Kenny of CB Richard Ellis represented the tenant in the transaction. Greg May and Oliver Fleener of Grubb & Ellis’ Newport Beach office repped the owner.
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