Mega-company tacks on improved digs

Alicia Robinson

The Irvine Co. just dropped $45 million on renovations to several

offices throughout California including three high-rises on Newport

Center Drive and MacArthur Court.

The company refurbished the buildings inside and out, redoing the

lobbies, elevators and bathrooms with new carpets, wall treatments

and lighting, and upgrading landscaping outside, said Murray Krow,

vice president of marketing for the Irvine Co. office properties.

“By far the main reason is that we’re a long-term owner, which is

really pretty rare in the industry,” Krow said. “We’ve had these

buildings for a long time, we’re going to have them for a long time,

and like our customers, we need to live with them too.”

Irvine Co. officials also want to ensure tenants in the pricy

offices are getting what they pay for, he said. The company does not

disclose rents.

“If they’re going to pay a premium, then they need to make sure

they’re getting the best in class ... and that’s why we’re doing it,”

he said.

Although the office market around the state went through a

difficult time in the last few years, it’s now on the rebound. Rents

are becoming stable, and more companies want to relocate or expand,

Krow said.

“There’s really been a lot of positive activity, and we’re

definitely on the upswing, particularly in Newport Center,” he said.

The Irvine Co. owns office space in Orange, Los Angeles and San

Diego counties and Silicon Valley.

Its Newport offices are highly sought after, Newport Beach Chamber

of Commerce President Richard Luehrs said.

“Newport Center space is probably some of the most expensive in

the county,” he said. “[The Irvine Co. is] highly regarded as a

landlord. You know what kind of a product you’re going to get from

them.”

Newport Center office space is considered high quality, and its

location across from Fashion Island makes it more desirable, Luehrs

said.

“Of course, having an ocean view doesn’t hurt either,” he added.

Longtime Newport Center tenant Wayne Call said he’s pleased with

the upgrades. Call’s law firm, Call, Jensen and Ferrell, has had

offices at 610 Newport Center Drive since 1983.

“They basically redid the whole building from stem to stern,” he

said. “They just did a great job.”