Subleases Fill 34,241 SF of Office

Space Launch has taken its 13,655 sf in a $500,000, 28-month sublease from employee management firm Core Inc. at the Tower 17 building, 18881 Von Karman Ave., according to Suzanne Richie of the Newport Beach office of the Charles Dunn Co., who acted on behalf of Space Launch. Core Inc. was represented by Steve Ehrich, also of Charles Dunn's Newport Beach office, and Roy Longman of Cresa Partners in Los Angeles.

Richie tells GlobeSt.com that although the Space Launch sublease is relatively small, it is significant because the company has grown quickly and has expanded within the Orange County office market. The tech firm began in an executive suite, she notes, then in April took half a floor of space at the 18881 Von Karman building before signing the recent sublease giving it a full floor. When asked if the Space Launch sublease and the Capitalwerks deal indicate that sublease space is being absorbed quickly in the county market, Richie tells GlobeSt.com that "the larger subleases are still languishing, but the market continues to be very busy in the spaces under 5,000 sf."

According to information from Space Launch Corp., the company was formed in 1999 to develop and bring to market innovative products for the space transportation industry. The company focuses primarily on the design, development, and testing of launch system technologies for the micro satellite market. The micro satellite industry has long sought a launch system that will provide low cost and reliable transportation services to Earth orbit, and Space Launch is trying to meet that need.

In the other recent full-floor sublease, Capitalwerks LLC, an equipment financing and leasing company, has subleased the entire 20,546-sf 12th floor of The Griffin Towers in Santa Ana for relocation within the market.

Brokers from the Klabin Co. and Voit Commercial Brokerage say that Capitalwerks has already occupied its new space at 5 Hutton Center Dr., just off the 55 Freeway in Santa Ana. Steve Lane of the Irvine office of Voit Commercial, Jeffery A. Turek of the Klabin firm's Torrance office, and Kathy Bellinger of Jackson & Cooksey of Dallas represented Nextiraone LLC, the sublessor. Rick Sherburn and Travis Boyd of CB Richard Ellis represented Capitalwerks in the 55-month lease, which is valued at $1.4 million.