Irvine Company Signs Nearly 2.5M SF of Office Leases in Q3
The landlord reported more than 721,000 square feet of positive net absorption in its portfolio
By Greg Cornfield November 13, 2026 1:45 pm
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Irvine Company signed nearly 2.5 million square feet of office leases in the third quarter, led by deals with Taco Bell and medical technology firm Envista and seizing on the overall demand for Orange County, Calif., space compared with its neighbors.
The Newport Beach-based private real estate giant completed 182 leases across its national office portfolio from July through September, generating 722,000 square feet of positive net absorption, Commercial Observer can first report. New leases and expansions accounted for more than 1.36 million square feet, while renewals added another 1.06 million square feet.
The largest deal was Taco Bell’s 254,000-square-foot lease at Alton HQ in Irvine, marking Orange County’s largest office lease in five years. The fast-food giant plans to relocate its headquarters to the campus in 2028.
Envista signed another 117,700-square-foot lease at Irvine Company’s Lakeview Business Center, while transportation technology company Iteris, part of Almaviva Group, committed to 64,000 square feet at Laguna Canyon in Irvine.
Other Southern California transactions included a 46,000-square-foot relocation and expansion by Luminys Systems at Bake Technology Park and a 23,000-square-foot renewal by accounting firm Redwitz at Jamboree Center, both in Irvine.
“These commitments reflect the value companies continue to place on high-quality workplaces that support their people and their business,” Roger DeWames, president of office properties at Irvine Company, said in a statement. “From Taco Bell’s major lease at Alton HQ to customers renewing and expanding across our portfolio, we’re seeing companies make significant investments in their office space.”
Orange County’s office vacancy declined to 12.1 percent in the third quarter from 13.3 percent in the second quarter, while net absorption reached 300,000 square feet, according to CBRE. Average monthly asking rents increased 11 cents to $3 per square foot per month.
Meanwhile, Irvine Company’s Northern California leasing activity included a 31,000-square-foot deal with Extreme Networks at McCarthy Center in Milpitas; a 20,000-square-foot lease with LeanData at Santa Clara Gateway; and a 19,000-square-foot lease with Axiom at Santa Clara Square Offices.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
