FDIC to Open Temp Office to Handle Resolutions, Receivership Operations
- Nov 19, 2008
The Federal Deposit Insurance Co. is temporarily taking 200,000 square feet of office space at 40 Pacifica Place in Irvine, Calif., to manage receiverships and to liquidate assets from failed financial institutions, mostly in the Western United States. The government entity, which insures deposits at nearly 8,500 banks and savings associations across the country, will hire non-permanent employees and contractors to staff the office. While financial terms of the agreement were not revealed, the lease is for three years with two one-year options. The FDIC plans to begin moving into the space at the end of year. “The location and lease were determined to be the best value for the FDIC, considering mission, price and other qualitative criteria listed in our solicitation,” said the government entity in a statement. Grubb & Ellis Co. advised the FDIC on the search. The Irvine Co. opened 40 Pacifica earlier this year and the building’s twin tower, 20 Pacifica, in late 2007. Each building is 15 stories and has 315,000 square feet of office space. The FDIC lease pushes the buildings to more than 50-percent leased. The 20 Pacifica and 40 Pacifica towers are in Irvine Spectrum, a master-planned business center that includes tenants such as Fluor Corp., Taco Bell, Toshiba America and UBS. The FDIC’s space will be located across the street from the 1.2 million-square-foot Irvine Spectrum Center, which includes stores ranging from Nordstrom to Target and several restaurants, and will be within walking distance of The Village at Irvine Spectrum Center, an upscale 1,550-unit apartment community. “It’s an environment that offers employers the opportunity to have their employees live, work and play in an area where they don’t have to get in the car and travel [to their office or to a shopping center],” Val Wheeler, president of Irvine Co. Office Properties, told CPN. Irvine Co. owns and operates more than 400 Class A office properties in San Diego, Orange and Los Angeles counties and in Silicon Valley.