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PIMCO ADVISORS SIGNS LEASE IN THE IRVINE COMPANY'S NEWEST OFFICE BUILDING IN PRESTIGIOUS NEWPORT CENTER
NEWPORT BEACH, CA -- (May 2, 2001) -- PIMCO Advisors L.P., the U.S. corporate services group for the Allianz Asset Management family of companies and a holding company for several U.S. investment management companies including Newport-based PIMCO, has signed a 23,628-square-foot lease in The Irvine Company's newest office building located at 888 San Clemente Drive. The lease will commence in July 2001. The building is now 100 percent leased, having only opened last fall.
The company will be moving from its existing Newport Center office at 800 Newport Center Drive in order to accommodate its operating company's rapidly expanding business.
PIMCO Advisors L.P. is a member of the European-based Allianz Group and the holding company for PIMCO, Oppenheimer Capital, and other U.S. investment management firms. It offers institutional and individual investors worldwide a diverse range of fixed-income and equity advisory products and services, including mutual funds and institutional account management.
"When we made the decision to move," explains David Flattum, managing director, PIMCO Advisors L.P., "we knew that we would stay in Newport Center. It enables us to remain in close proximity to PIMCO, our largest investment advisory subsidiary, as well as provides us with a dynamic business environment and superior amenities that a financial services company requires to be successful."
"The Irvine Company has benefited from its tenants succeeding and growing in Newport Center over time," said Bill Halford, president of The Irvine Company Office Properties. "We are excited to be able to not only support but participate in PIMCO Advisors and PIMCO's expansion as they continue to play a vital role in our regional economy."
"888 San Clemente was designed specifically for high-caliber tenants like PIMCO Advisors, who want to be based in well-designed buildings in a prestigious location," Halford adds. "PIMCO will be joining other leading financial services companies including Chase H&Q and PaineWebber."
Rick Kaplan represented PIMCO Advisors, L.P. in the transaction. The Irvine Company represented itself. Terms were not disclosed.
Newport Center is a 600-acre business, retail, entertainment and medical complex overlooking Newport Harbor. One of the area's most prestigious mixed-use centers, Newport Center is home to more than 800 professional firms. The recently completed building at 888 San Clemente totals 98,000 square feet on four floors and is now fully leased having only opened last year. Newport Center is easily accessible to residential neighborhoods in Newport Beach and Irvine, John Wayne Airport, Pacific Coast Highway, the 73 Toll road and the 405 Freeway.
Newport Center, Jamboree Center, MacArthur Court, and office buildings in Irvine Spectrum comprise The Irvine Company's office portfolio in Orange County. Other high-quality office buildings in this portfolio can be found in West Los Angeles, La Jolla, and the Silicon Valley.
The Irvine Company is a privately held company based in Newport Beach,
California. The company's growing portfolio of investment properties consists of
approximately 28 million square feet of office, industrial, research and
development buildings and retail centers in Orange County, Los Angeles, San
Diego and the Silicon Valley as well as 26,000 apartments owned or under
construction by the company. The company's holdings also include two hotels,
five marinas and three public golf courses.