Irvine, Calif. – Hines, the international real estate firm,and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. announced today that JPMorgan Chase has extended its lease for 129,263 square feet through June 2020 at Alton Corporate Plaza in Irvine.
Alton Corporate Plaza is a four-building office campus in the heart of the airport area’s Irvine Business Complex (IBC). Situated on 15 acres and encompassing 321,000 square feet of office space, Alton Corporate Plaza is comprised of 1833 Alton, which is 100 percent leased to JPMorgan Chase Bank; 1733 Alton, which is fully leased to Source Interlink Magazines, LLC and Nexus IS, Inc; and 16800 and 16802 Aston, which currently offer more than 90,000 square feet of contiguous space available for immediate occupancy.
Hines Managing Director Ray Lawler said, “We are pleased that JPMorgan has renewed its commitment for the long-term at 1833 Alton Parkway. Their continued presence, coupled with our significant upgrades to the overall campus, will continue to make Alton Corporate Plaza a desirable location for tenants.”
In recent months, the Hines and Oaktree venture has made significant upgrades to the Alton Corporate Plaza campus including complete lobby renovations in the 16800 and 16802 Aston buildings, improvement of the interiors, an upgraded signage program and various upgrades to the exterior.
“We are excited that JPMorgan Chase has chosen to renew at Alton Corporate Plaza,” commented Oaktree Managing Director Mark Jacobs. “In this very competitive market, landlord sponsorship was critical to achieving lease execution. We look forward to continuing to strengthen our relationship with both JPMorgan and Hines.”
Joe Bevan of Jones Lang LaSalle commented, “The tenant demand for differentiated space with single-building identity has been very strong. The upgrades to the 16800 and 16802 Aston Street lobbies will undoubtedly attract tenants similar to that of JPMorgan Chase and other existing tenants.”
Chon Kantikovit of Cushman & Wakefield represented JPMorgan Chase in lease negotiations. Hines was represented by Joe Bevan and Wade Clark of Jones Lang LaSalle.
Oaktree Capital Management, L.P. is a leading global investment management firm focused on alternative markets, with $78.8 billion in assets under management as of March 31, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 700 employees and offices in 13 cities worldwide.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.