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IRVINE, CA-Waterfield Bank, a federal savings bank based in the Midwest, has signed a lease for 30,000 sf at 18881 Von Karman Ave. The building, known as Tower 17, will be renamed Waterfield Tower when the bank moves in and establishes the Von Karman address as its West Coast headquarters. According to Greg May and Oliver Fleener of the Newport Beach office of Grubb & Ellis, the bank is slated to move into two full floors of the building in May in a relocation from 10,000 sf elsewhere in Irvine.

May and Fleener represented the building owner, a joint venture of the Laguna Hills-based Muller Co. and Rockwood Capital that acquired the 18881 Von Karman building last year as part of a $310 million deal in which the joint venture bought three class A Orange County office assets totaling more than 839,000 sf from Maguire Properties when the L.A.-based REIT was shedding assets to reduce debt after its $3 billion acquisition of former EOP properties from Blackstone. Besides the Von Karman building, the JV also acquired the 384,183-sf 1100 Executive Tower in Orange and the 237,659-sf Lincoln Town Center in Santa Ana.

Jon Muller, principal with the Muller Co., says that the building owner plans a major renovation of the lobby and common areas of the Von Karman Avenue tower. The 18881 Von Karman building occupies a site at the corner of Von Karman Avenue and Martin Street in the Orange County Greater Airport office submarket.

Waterfield, which will also be leasing space on the ground floor of 18881 Von Karman for a bank branch, was represented by Garrett Ellis and Scott Kenny of CB Richard Ellis. The bank’s lease was valued at approximately $9 million.

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