Terms of the deal were not disclosed, but comparable space is believed to be leasing at $2.25 per sf to $2.45 per sf per month. Stradling has been at Newport Center since 1975, according to Bruce C. Stuart, chairman of the law firm's real estate department.
Stradling, which employs about 115 lawyers, maintains its headquarters office in the 660 Newport Center Dr. building and also has offices in San Francisco and Santa Barbara. The firm's practice areas include securities law, intellectual property, employment law, environmental issues, municipal finance, real estate development, finance and leasing.
Stradling was represented in the lease renewal by James Travers, Randy Parker and Steve Card of Travers Realty. The Irvine Co. represented itself. The Stradling lease had been set to expire in early 2004. The new lease gives Stradling options for additional space to accommodate any future expansions.
Newport Center is home to a roster of large office tenants, including Pacific Life, Pimco, UBS PaineWebber, as well as shops and restaurants at nearby Fashion Island. The 660 Newport Center Dr. building is a 16-story, 259,000-sf office tower that was built in 1976 and is approximately 80% occupied. It is part of a 24-building office component in the 600-acre Newport Center, a mix of business, retail, entertainment and medical facilities overlooking Newport Harbor.
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