ORION Property Partners, Inc. Signs Wunderman
Transaction marks one of the five largest lease transactions occurring in the Irvine Concourse in the last half of 2010 With Wunderman, ORION Property Partners has completed over 300,000 square feet of leasing at Main Plaza since Shorenstein acquired the property
ORION Property Partners, Inc. announced that Wunderman Southern California, a global advertising company and the original architect of response-driven marketing, has signed a full-floor 25,000-square-foot lease at 2010 Main Street in Irvine, Calif., part of the Main Plaza buildings. ORION Property Partners, Orange County’s leading commercial real estate brokerage firm specializing in landlord representation, represented the property owner, Shorenstein Properties LLC in the transaction, with Justin Hill and Mark Friend representing the tenant. Construction on the new tenant space is set to start January 2011.
“Wunderman’s new space will bring together the best in technology, beautifully executed design, creative inspiration areas, and open collaborative seating to stimulate creativity and ideation,” said Tiffany Leslie, media relations representative, Wunderman.
“This is one of the five largest lease transactions occurring in the Irvine Concourse area over the past six months” said Rich Essen, partner with ORION Property Partners. “It’s a testament to the quality of the property and the ownership that we’ve been able to increase occupancy during this challenging market. Wunderman is a great addition to Main Plaza.”
Built in 1987, the property is one of two granite-clad 12-story office towers dubbed Main Plaza, which together total approximately 607,000 square feet. Shorenstein Properties purchased the property in August 2008, which was 66 percent leased at the time of closing. Upon closing, Shorenstein immediately started working with ORION Partners as their leasing representatives and now with this latest lease, ORION Property Partners has successfully brought Main Plaza to 75 percent leased. Main Plaza tenants include Towers Watson, Corvel, Dechert LLC and Balboa Capital. Main Plaza is located within the Irvine Concourse, a master planned, 48-acre ten-building office park featuring numerous on-site amenities including restaurants, a sports club and two hotels.
“When we purchased the property in 2008, the buildings were well maintained but occupancy levels were declining as a result of the downturn in the residential home building and mortgage sectors. We liked the long-term fundamentals of this Airport area submarket because of its excellent amenities and access to a highly skilled workforce. ORION Property Partners has done a tremendous job for us completing over 300,000 square feet of new and renewal leases since we acquired the property. Their leasing team is uniquely focused on generating and quickly closing lease transactions, and they are well aligned with Shorenstein’s leasing-focused strategy” said Jim Pierre, Senior Vice President, Shorenstein Properties LLC.
The award-winning Main Plaza is one of Orange County’s leading office assets in terms of location, quality of infrastructure and amenities. The property is located in the heart of the John Wayne Airport submarket of Irvine offering excellent visibility and immediate access to the I-405 Freeway, easy connections to the 55 and 73 freeways, and is just minutes away from regional transportation hub, John Wayne Airport.
ORION Property Partners is a dominant brokerage firm in Orange County’s office market, specifically for the Airport Area submarket. All told, ORION’s senior-level team of brokers has been involved in the development and management of in excess of 10 million square feet of the Airport Area’s 26.9 million square foot class A office market, giving them a valuable perspective on this highly sought after office market. The ORION team has been the leasing representative for some of the nation’s leading institutional owners including: Shorenstein, MPG Office Trust, TA Associates, Kilroy, Hines, RREEF, Equity Office Properties, and Starwood Capital. In 2010, ORION completed more than 200 transactions, including two of Orange County’s largest office leases: the 127,750-square-foot CashCall, Inc. lease at 1600 S. Douglas in Anaheim and the restructure and extension of LA Fitness’ more than 60,000 square foot lease at 2600 Michelson. The firm is actively tracking more than one million square feet of office lease transactions for a number of notable companies.
About Wunderman: Wunderman is the original architect of response-driven marketing, an estimated trillion dollar global industry. With 50+ years of experience, 130+ offices in 55+ countries and 15 specialized companies, Wunderman stands as the first name in advertising that delivers customer conversations that build brands and generate sales. Wunderman, part of Young & Rubicam Brands, is a member of WPP (NASDAQ: WPPGY).
About ORION Property Partners: ORION Property Partners is a premier commercial real estate firm in Orange County. Based in Irvine, the firm provides a high level of client service in project leasing, tenant representation, and consulting, handling office properties ranging from single property to full portfolios. The team’s unique culture is focused on a select client list minimizing conflict of interest and maximizing client service and transaction success. For more information, visit ORION at www.oppre.com.