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IRVINE, CA-Two office leases have been inked in Irvine, worth a combined $1.4 million. The deals have occurred amidst reports that Orange County office vacancies are on the rise.

In the larger of the two transactions, a lease for 15,800-sf has been inked by Vengroff, Williams & Associates. The tenant has signed a four-year agreement for the office space, which is located at 16881 Hale St.

Vengroff, Williams & Associates was represented by Randy Mason of Lee & Associates’ Irvine office. The landlord, Universal Properties, was represented by Stacy Garcia and Brian Garbutt of Lee & Associates’ Newport Beach office.

Garbutt also brokered the other Irvine deal, in which a 5,176-sf office building has been leased. The facility, which is located at 42 Corporate Park, will be occupied by Hogle-Ireland, according to the 44-month agreement.

Hogle-Ireland was represented by Garbutt. The landlord, Palton Partners, was represented by Tom West of CB Richard Ellis.

The deals have occurred just following the release of a report citing increased office vacancies in Orange County. The report, written by Voit Commercial Brokerage, finds that the countywide vacancy rate has increased by more than 1% over the last quarter. The vacancy rate has risen from 11.55% in first quarter 2001 to 12.59% in second quarter 2001, the report says.

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