Clean Energy Fuels Corp. extended its lease for its 49,034-square-foot headquarters in Newport Beach, Calif.
The natural gas provider will keep its two-and-a-half floors in the Class A office building located at 4675 MacArthur Circuit. The deal closed on March 25th.
The 15-story high-rise, owned by The Irvine Company, will host Clean Energy Fuels until the end of its extended long-term lease, though a spokesperson for Clean Energy Fuels would not comment on the specific length of the lease or the asking rent.
The property lies between MacArthur Boulevard and Campus Drive, and is surrounded by outdoor workspaces; a private fitness center; and The Square, an upscale shopping and dining area.
Rick Kaplan, Patrick Ryan and Chon Kantikovit of Cushman & Wakefield’s Irvine office represented the tenant in the transaction.
“This long-term renewal by Clean Energy marks a significant commitment by the company, as well as significant transaction for our office market, particularly as we negotiated the lease…during the ongoing adversity of the pandemic,” Ryan said in prepared remarks. “Our team was also able to secure a favorable rent structure, and paramount to the terms is that Clean Energy will have prominent building top signage on the 15-story high rise providing exceptional visibility from major nearby roadways and highway traffic, as well as air traffic via John Wayne Airport.”
Clean Energy Fuels’ renewal comes amid an active life sciences and technology scene that’s driving Orange County’s economy. Total investment in tech and life sciences during the first quarter of this year represented around $403.6 million, exceeding the same period last year by 31 percent, according to JLL’s Orange County Q1 Tech-Life Science Investment Overview.
Update: The story has been updated to include that the deal closed on March 25th.