A 36,000-sf building is planned for the lot, which has been purchased for $2.5 million. Completion of the facility is slated for May 2002.
Irvine Spectrum tenant International Rectifier intends to occupy 20,000 sf of the new building, which will be bordered by Irvine Center Drive, Hubble Avenue and Bunsen Avenue. The company will move from its current site in the Spectrum.
Image Holdings Inc. was represented by Ted Rommel and Mark Jerue of Lee & Associates' Irvine office. Stan Mullin and Jim Cunningham of Grubb & Ellis negotiated for the seller, the Irvine Co.
An abundance of new office product is expected to flood the market in upcoming months, as nearly 2.5 million sf of office space was under construction in the second quarter of 2001, according to a recent report published by Voit Commercial Brokerage.
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