Manley, who was part of a Cresa team that represented Valeant, tells GlobeSt.com that Valeant moved out of its 180,000-sf building at 3300 Highland Ave. in Costa Mesa, which Cresa is marketing for sale for Valeant, as part of a restructuring. In the restructuring, Valeant has spun off a division that occupied about 60,000 sf of R&D lab space at the Costa Mesa facility.

Others on the Cresa team included Ken Blye, Kevin Hayes Sr. and Kevin Hayes Jr. In addition to the lease negotiation, Cresa assisted Valeant's project management team with project management support and move management support. The Cresa project management team was led by Rick Martin, assisted by Angelica Seuc.

The new Valeant headquarters is a four-story building that was built in 1999 and served as the headquarters for Fluor before Fluor moved to Texas last year. Rreef, which has owned the six-year-old building for about a year, was represented by John Desper of CB Richard Ellis.

Valeant is a global specialty pharmaceutical company that develops, manufactures and markets a broad range of products. It houses about 300 employees in the One Enterprise building.

Financial terms of Valeant's new lease were not disclosed. The latest market reports from CBRE and other brokerage firms list the average asking rate for office space in Orange County at just under $2.50 per sf per month at the end of the third quarter, with one report saying that class A asking rates in the South County were pushing toward $3 per sf per month.