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IRVINE, CA-Locally-based Newport Corporation has expanded its presence in Irvine, as the company has inked a lease for 72,477 sf here.

Newport Corporation is a worldwide manufacturer and distributor of precision components and systems used for the development and application of laser and optical technologies. The company will occupy an industrial facility located at 1931 Deere Ave., according to the terms of the five-year lease. The deal is valued at $2.4 million.

The landlord, Leo Miller, was represented by Tom West and Dave Desper of CB Richard Ellis’ Newport Beach office.

Irvine’s industrial sector started the fourth quarter with the highest overall vacancy rate in the county, according to a recent report by Cushman & Wakefield. The overall vacancy rate stood at 11.2%, the research says. In addition, nearly 340,000 sf of new industrial space has been completed during the first nine months of 2001.

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