Terms of the deal were not disclosed by the Irvine Co., but a Securities and Exchange Commission filing by Broadcom says the lease is for a total consideration of approximately $183 million and for 10 years and two months, beginning after the completion of the first two buildings. "In addition to rent, the lease requires Broadcom to pay certain taxes, insurance and operating costs relating to the leased buildings, in amounts yet to be determined," the SEC filing says. Broadcom is also responsible for certain tenant improvement costs but will be entitled to reimbursement for some costs.The lease, which will move the communications company from more than 400,000 sf elsewhere in Irvine to the eight mid-rise buildings near Bison and California streets, represents "a significant boost to Orange County's growing reputation as a technology center and a defining moment in the evolution of a young university research hub," the Irvine Co. says.Broadcom's 685,000 sf will mean an expansion of more than 200,000 sf for the company and "affords us an excellent opportunity to consolidate our growing business while moving closer to John Wayne Airport and UCI," according to Dr. Henry Samueli, Broadcom's co-founder, chairman and chief technical officer. Opened in 1996, University Research Park was designed to help foster collaboration between the university and the private sector. The list of tenants includes America Online, Intel Corp., Cisco Systems Inc. and Skyworks Solutions. Clarence Barker, president of the Irvine Co.'s investment properties group, says the Broadcom relocation is comparable to that of other technology companies located near universities: Hewlett-Packard is near Stanford; Lotus Development Corp. next to MIT; and Dell at the University of Texas.

The 185-acre University Research Park, a neighbor of the 5,000-acre Irvine Spectrum, is home to about 40 companies and more than 4,000 employees. The businesses range from pharmaceutical start-ups to national technology firms.