Tim Helgeson and Greg Tippin from Newmark Knight Frank real estate advisers represented Specific Media, with the Irvine Co. representing itself. Roy Luna, CFO of Specific Media, says that the company wanted to be able to remain at the Jamboree Center as it outgrows its current space. Terms of the lease were not disclosed.
The Jamboree Center is close to the John Wayne Airport as well as retail shops and services, hotels and other amenities. Recent market reports show the average asking lease rate for class A space in the Airport Area submarket at more than $3 per sf per month.
Specific Media is the largest independent online advertising network in the US and also one of the fastest growing. Its revenue increased more than 300% in 2007 compared to 2006, and the company reports that the reach of its online advertising network has grown 57% since February 2007.
Specific Media now serves online ads to more than 140 million unique users, equating to 77% of Internet users in the US. The company recently acquired Adviva, a leading UK ad network, gaining access to the European ad market and extending its reach to more than 220 million consumers globally.
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