IRVINE, CA-Accounting firm Moss Adams LLP has signed a lease for 36,500 square feet of office space at 2040 Main St., a 14-story, 307,559-square-foot, class-A office building here. The firm is relocating its regional office from next door 2030 Main St.
Jones Lang LaSalle‘s SVPs Ryan Hawkins and Mitch Lundquist represented Moss Adams in the transaction. Landlord Knobbe Martens Olson & Bear LLP was represented by Voit Real Estate Services.
According to Hawkins, “After a comprehensive market analysis, Moss Adams decided that moving to 2040 Main St. provided the greatest flexibility to accommodate the firm’s planned future growth. Despite improving market conditions, we were able to achieve extremely favorable lease terms, enhance the presence of the firm within the Irvine Concourse and manage the timing of the relocation so as to not interfere with the firm’s busy seasons.”
Roger M. Weninger, partner-in-charge and regional managing partner for Moss Adams, tells GlobeSt.com that the move affords the firm a great deal of flexibility. “We’re growing like crazy, and the landlord bent over backward to give us flexibility for growth, from options on space to connectivity between floors. This was appealing to us.”
While the new location is newer than Moss Adams’ current space, that didn’t really play into the decision, says Weninger. The tenants like the area since it has plenty of restaurants, access to freeways and is central in the county, he says. “We weren’t going to leave the area. We’ll even park in the same parking structure.”
He adds that the landlord, a law firm that takes up a majority of the building’s space, understands what it takes to grow a firm from smaller to bigger. “We felt they could identify with us.”
Moss Adams’ growth is related to both internal expansion and the market itself. “We’re looking to have a bigger presence here, and the economy is definitely helping,” says Weninger. “We’re excited, the people are excited, and change is good. We’ve been in this building for almost 10 years, and it’s time to move on.”
As GlobeSt.com reported in October, rightsizing among law-firm tenants in Orange County continues to take place, but not at the level that was so common in the post-recession period between 2009 and 2012, according to JLL. While a year ago, many firms were still shedding excess space as a result of staffing cutbacks and others were attempting to renegotiate existing leases to take advantage of the market rent discounts, today leasing activity among law firms is quite different.