Fred Alaghband, managing partner of Irvine Medical, says thecompany expects to complete the building in May and has thus farsigned one tenant to a 4,000-sf lease. He says the company seesdemand for medical office space in Irvine in light of the 2%vacancy rate in medical buildings there.

Alaghband's Irvine-based firm acquired the land from the IrvineCo. in May. The development site is at the southwest corner ofWaterworks Way and Laguna Canyon Road, within the 5,000-acre IrvineSpectrum center for research, technology and business. The newproject will consist of a two-story, elevator-served, concretetilt-up building, about half a mile from the Irvine RegionalHospital and Medical Center and close to the San Diego (I-405) andSanta Ana (I-5) freeways.

John Wadsworth of Colliers Seeley International represented thedeveloper in the land purchase and is leasing agent for thedevelopment, which he says will join approximately 2,500 companiesemploying 55,000 workers at Irvine Spectrum.