New Lease Fills Office Tower

IRVINE, CA-Executive suites operator Real Estate Management Corp. has signed a five-year sublease for more than 24,000 sf at 8105 Irvine Center Dr., bringing the 366,000-sf office tower in the Irvine Spectrum to 100% occupancy. Terms of the deal were not disclosed, but REMC is believed to have closed that deal at upwards of $3.25 per sf per month. Asking rates go to about $3.45 per sf per month at the building.David Gordon and Corey Davidson of Studley’s Los Angeles office represented REMC, which is subleasing the space from Icon Clinical Research. Icon was represented by Shane Wilder and Stu Betty, managing directors in Studley’s Orange County office. The building is owned by the Irvine Co. Real Estate Management Corp. expects to move into the space in November in what will be its 17th location in Orange and Los Angeles counties. It will occupy the entire ninth floor of the 15-story office tower, which was built in 1989.The lease is the third in Southern Californian which Studley has represented REMC, for a total of 72,000 sf. Ron McElroy, founder of REMC, says the company was looking for a location that would provide access to amenities like the shopping, retail services and restaurants of the Irvine Spectrum.The REMC deal is among the largest office subleases signed in some time in Orange County, where rising demand and falling vacancy have reduced sublease space dramatically in recent years, according to market reports. The reports indicate the county has only 500,000 sf to 600,000 sf of sublease space on the market, or about a half of a percent of the total office inventory.