58 Discovery in Irvine, California | Courtesy Irvine Company

Irvine Company Picks Up 127K-SF Mid-Tech Asset

Carrie Rossenfeld Industrial

Irvine Company has purchased 58 Discovery, a 127,000-square-foot “mid-tech” building in Irvine Spectrum that is fully leased to Thales Avionics, a long-time Irvine Company customer. The seller and sales price were not released.

Located on Discovery between Irvine Center Drive and Barranca Parkway, the project is adjacent to Thales’ existing Irvine Company offices at 48, 51, and 53 Discovery. A leading in-flight-entertainment aerospace company, Thales designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets.

Built in 2000, 58 Discovery sits on an 8.3-acre site and is located a mile from the Irvine Spectrum Center shopping and dining destination. The building is 60 percent office and 40 percent R&D/warehouse. Jeff Cole, Ed Hernandez, and Nico Napolitano of Cushman Wakefield represented the seller.

“Acquiring 58 Discovery further deepens our commitment to Irvine Spectrum as a nationally recognized center of innovation and highly desirable place to work, live, shop, and play,” says Doug Holte, president of Irvine Company Office Properties.

Last April, Irvine Company purchased the nearby Alton Plaza campus near the Irvine train station, which is 95 percent leased to technology, medical device, R&D, real estate, and engineering companies. Irvine Company has already significantly enhanced the 19-building campus’ exteriors and entryways, hardscape, landscaping, and added vibrant outdoor workspaces featuring lounge and café seating.

Irvine Company’s portfolio in Irvine Spectrum is nearly fully leased. The company’s 400 Spectrum Center, which opened in September, is 60 percent leased, and the Quad at Discovery Business Center, which is scheduled to open this summer, is 65 percent pre-leased. Irvine Spectrum is home to 3,500 companies ranging from start-ups to world leaders in biomedicine, legal, financial, electronics, computer technology, automobile design, and telecommunications.