Sublease & Disposition Proposal for Vyaire
CURRENT SITUATION
520 TECHNOLOGY EXISTING LEASE OBLIGATION
520 TECHNOLOGY LANDLORD
Size: 105,643 RSF
Floors: 1-4
The Irvine Company (Landlord) is known for developing and owning their assets forever. The firm has a single shareholder, Donald Bren, who is 89 years old but still reviews and approves all major transactions. On May 1st, Jonathan Brinsden joined the firm as President of Irvine Company Office Properties and will be relocating from Houston to Orange County. He is also Chairman of the Urban Land Institute and was previously the CEO of Midway. While he is new to the area, Rick Kaplan has a good relationship with him and this will be a key to developing a clear message as to Vyaire Medical’s strategy for this disposition. Cushman & Wakefield also have strong connections to Jonathan through our Houston office. There is no debt on the project, though Irvine Company does have a low level of portfolio debt.
Lease Expiration: 10/31/2028
STRENGTHS
CHALLENGES
Located in Irvine Spectrum, the most desirable area of South Orange County
Space is in shell condition
105,643 SF SIZE 4 STORIES BUILDING OVERVIEW
Good quality new building, free surface parking
Multiple sublease alternatives in competitive set
26,410 SF AVERAGE FLOOR SIZE 2018 YEAR BUILT
Discovery Park has good amenities for a suburban office campus
Most tenants that build custom space want a direct lease with options to extend
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