The Plaza’s 4365 Executive Drive building | Courtesy a representative of Irvine Company Office Properties

Bank Takes 160,000 SF at Two UTC Buildings

Carrie Rossenfeld Office

Two of Irvine Company Office Properties’ buildings in the La Jolla UTC submarket of San Diego are welcoming BofI Federal Bank — to be rebranded to Axos Bank in October — as a tenant, according to a statement released by a representative of the landlord. The financial institution has leased 140,000 square feet at The Plaza and 22,000 square feet at Eastgate.

The digital bank’s lease includes building-top signage at The Plaza’s Pacifica Tower as well as the 17th and 18th penthouse floors, which the source says have not been on the market for 30 years. The lease brings The Plaza’s occupancy to 95 percent.

The statement describes The Plaza as containing three towers and three campus-style office buildings with 825,000 square feet of workspace within a park-like setting and ample on-site and nearby amenities. The development is located at 4320-4380 La Jolla Village Drive and 4365 Executive Drive; Eastgate is located at 4755-4875 Eastgate Mall and 9515-9890 Towne Centre Drive.

BofI has been a long-standing tenant of Irvine Company’s offices in the UTC submarket, having expanding its leases seven times at The Plaza and Eastgate since 2012 and multiplying its occupancy in the San Diego market fourfold, according to the statement.

Gregory Garrabrants, CEO of BofI, says in the statement, “Over the last six years, Irvine Company has been an attentive and flexible landlord as we have continued to need more space.” He adds that the firm’s UTC headquarters needed to be “attractive to our employees and surrounded by many amenities on-site or within walking distance.”

The project also includes the Irvine Company signature offerings of KINETIC, a state-of-the-art fitness center, and The Commons, an open-air workspace with complimentary Wi-Fi. It also features Rick Bayless’ Red O restaurant and Specialty’s Café for on-site dining and is adjacent to the Westfield UTC mall, which is also home to CBRE’s North County offices.

Irvine Company Office Properties’ La Jolla UTC properties continue to attract tech-driven companies. As SoCal Real Estate recently reported, a representative of the firm reported that four tech companies have leased more than 115,000 square feet at its properties in the market. Mobile-app developer Housecall Pro has taken 13,000 square feet at Nobel Corporate Plaza; Wrike, a collaborative work-management platform, will occupy 18,300 square feet at La Jolla Gateway; technology-solutions firm Fairway Technologies is relocating from La Jolla Gateway to occupy a full 19,200-square-foot floor at The Plaza; and technology-as-a-service provider AbacusNext recently moved to Eastgate Summit, Irvine Companies’ new three-story, 65,000-square-foot project.