The tech boom continues in the La Jolla UTC market as four more firms have expanded their leased space in the area, according to a representative of Irvine Company Office Properties.
The source reports that the space these four firms have leased is located in the owner/developer’s properties. 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.
The tenants leased a combined total of 51,000 square feet at the three properties, more than doubling the space they occupy, according to the source. AbacusNext had originally leased 3,800 square feet at one of Irvine Company’s La Jolla UTC buildings in 2007 and has expanded four times during the course of those 11 years. Similarly, Wrike moved into Irvine Company offices in 2015 and has more than tripled its leased footprint in San Diego in just three years.
The representative quotes John Turner, regional VP of Irvine Company Office Properties, as saying, “La Jolla UTC has emerged as an outstanding hub of innovation. Forward-thinking companies are attracted to everything La Jolla has to offer — proximity to a world-class university, access to talent, unrivaled weather, and vibrant workplace communities that offer outdoor workspaces and every other convenience companies need to inspire their employees and spur innovation and growth.”
Meanwhile, the tenants themselves are praising both the landlord and the submarket, according to the source, which quotes Brett Humphrey, CEO of Fairway Technologies, as saying, “Irvine Company creates world-class workplace communities, and we’re excited to move our offices to La Jolla UTC. We appreciate Irvine Company’s commitment to fostering technology innovation in San Diego via generous assistance to EvoNexus, Southern California’s largest technology incubator. Their support directly benefits local businesses, the community and promotes the rapidly growing technology sector in San Diego. We’re looking forward to growing our company here.”
La Jolla UTC has been a major market for the developer/owner. The source reports that Irvine Co. has invested more than $150 million in new office buildings in the market, including its 15-floor One La Jolla Center and its newest low-rise offices, Eastgate Terrace and Eastgate Summit.
Naturally, the Irvine, California–based firm has also invested heavily in the Orange County office market, particularly Irvine. Most recently, as SoCal Real Estate reported, the firm 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.