Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-Maguire Properties Inc. has signed mortgage provider New Century Financial Corp. to 190,000 sf and law firm Gibson, Dunn and Crutcher to 80,000 sf in a new 600,000-sf office tower that the L.A.-based REIT will develop at its Park Place campus. The terms of the leases were not disclosed, but the rates are believed to be about $3.90 per sf per month for space in the new building.

New Century, which is believed to have signed for eight years, was represented by Jim Suber of CB Richard Ellis, with leasing SVP Bill Flaherty of Maguire representing the landlord. Steve Bay, Clay Hammerstein and Kevin Bender of CB Richard Ellis represented Gibson, Dunn and Crutcher, which is believed to have signed for 10 years, with Peter Johnston handling the deal for Maguire Properties.

Maguire’s new 20-story building will be constructed at the northern edge of the Park Place property adjacent to the San Diego (405) Freeway. The two leases put the new building at nearly 50% preleased, which “is in line with our strategy regarding new development,” says Rob Maguire, chairman and co-CEO of his namesake company. Maguire expects to break ground on the project this summer and to complete the new office tower in the second half of 2007. The building will be designed by architect Richard Keating.

Park Place is a 105-acre project that is expected to be fully developed over the next five to seven years. The mixed-use property will include new office, hotel with condos, new high-end residential units and expanded retail. The campus is adjacent to the San Diego Freeway at Jamboree Road and Michelson Drive near the John Wayne Airport and South Coast Plaza.

New Century Financial will move its corporate headquarters to the new Maguire building from elsewhere in Orange County. In February, New Century signed leases for 179,000 sf at the existing Park Place office campus and at the 3121 Michelson Dr. office building owned by Maguire, which brought the occupancy for existing space at Park Place to nearly 100%. Gibson, Dunn and Crutcher has been a long-time Maguire tenant, dating to 1981, and occupies nearly 270,000 sf at the REIT’s Wells Fargo Tower in Downtown Los Angeles.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.