Google has re-upped its lease for 196,200 square feet of offices in Irvine.
The Mountain View-based search engine renewed its lease at the two-building office campus at 19510 and 19520 Jamboree Road, the Commercial Observer reported, citing a report from Savills.
Google’s lease renewal was the largest office lease transaction in Orange County in the third quarter ending last month, according to Savills. Terms of the deal were not disclosed.
The unit of Alphabet has occupied the offices for a decade inside the 3.5-acre, 573,000-square-foot campus owned by Jacaranda Holdings, based in Redlands, according to a property database.
The firm is managed by another Redlands-based entity, Sycamore Land Management, led by Donald Berry and Lance Lenhert, according to state business records.
An entity affiliated with Jack Dangermond, the billionaire founder of Esri, a GIS mapping software firm based in Redlands, bought the building in 2016 for $255 million, the Orange County Business Journal reported at the time.
Berry, of Sycamore Land, serves as Esri’s director of operations, according to his LinkedIn page. It’s not clear if Dangermond still owns the building, according to the Observer.
Google’s lease renewal comes after several waves of company layoffs, including 12,000 last year, 1,000 early this year and 350 employees in May, according to Layoffs.fyi.
Alphabet, meanwhile, has spent hundreds of millions of dollars in “exit costs” to close offices and terminate lease contracts across the U.S.
A major Google lease was scuttled in West Los Angeles early this year when UCLA bought the former Westside Pavilion mall for $700 million, with plans for a UCLA Research Park.
Hudson Pacific and Macerich had been redeveloping the 700,000-square-foot mall into an office campus after Google signed a 14-year lease.
— Dana Bartholomew
Read more
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