65,106 SQFT Creative Office Building in Irvine on Market with $23MM Asking Price

Irvine, Irvine Business Complex, Orange County, Lee & Associates, Alfa Integrated Design Group, Amazon, Allen Matkins, VOLUSPA Headquarters, the Von Karman Towers, Skypark Business Center, Irvine Concourse, District at Tustin, Whole Foods, Target, Costco, Lowe’s

By Catherine Sweeney 

A creative office building in Irvine has been put on the market with an asking price of  $23 million, or approximately $353 per square foot. According to an offering memorandum obtained by The Registry, the property offers flexible commercial office and industrial space in the highly sought-after Irvine Business Complex.  

The offering memorandum shows that the building, located at 16802 Aston Street totals 65,108 square feet with a 7,800 square-foot warehouse center as well as surface level parking. Other amenities include a 2,000 square-foot above ground fuel storage area, top building signage, two ground level loading doors and a floor-to-ceiling grand lobby. 

According to public records, the property is currently owned by an entity associated with Alfa Integrated Design Group, a private real estate investment company based in Irvine. The company, which owns more than one million square feet across Southern California, acquired the two-story building in 2018 for an undisclosed amount. 

Currently, the building is occupied by vehicle intelligence company Spireon Inc., which leases the space for approximately $1.95 per square foot. 

Located in the Irvine Business Complex, the property is within close proximity to approximately one million square feet of retail and restaurants, including the District at Tustin, which has retailers like Costco, Whole Foods, Target and Lowe’s. The property is also neighboring many other commercial office properties, with nearby businesses and corporate complexes including Amazon, Allen Matkins, VOLUSPA Headquarters, the Von Karman Towers, Skypark Business Center, Irvine Concourse and more. 

While Irvine may be home to many commercial office properties, recent reports show Orange County overall has struggled to maintain occupancy in many of these properties. According to a second quarter market report from Lee & Associates, vacancies in Orange County have increased approximately 3.5 million square feet in the second quarter of 2021, bringing the vacancy rate to 13.6 percent. In the first quarter of the year, the vacancy rate was at 10.6 percent. According to the report, this has had a direct impact on rental rates in Orange County as well, causing them to drop 3.6 percent to an average of $2.64 per square foot. 

The property is also being listed by Lee & Associates, which did not respond in time to comment on this story.