Introduction to Hyundai’s Latest Lease Deal
Hyundai just secured the largest lease deal of the year in Orange County. The Seoul-based car manufacturer has signed a lease for 133,745 square feet of offices at 2300 Main Street in Irvine, the Orange County Business Journal reported. By committing to the entire building at 2300 Main, Hyundai notched O.C.’s largest lease deal so far in 2025.
It’s not Hyundai’s only corporate outpost in O.C. Hyundai Capital leases offices at 3161 Michelson Drive, while Hyundai Glovis bought the 128,813-square-foot building at 18191 Von Karman Avenue in April for $35.7 million. Hyundai Motor America owns the Korean company’s 503,536-square-foot U.S. headquarters at 10550 Talbert Avenue in Fountain Valley.
Details of the Lease Deal
It isn’t clear which Hyundai company leased the space at 2300 Main Street. The Hyundai name is used in various closely related companies based in South Korea including Hyundai Motor Group for vehicles, Hyundai Heavy Industries Group for shipbuilding and heavy machinery, and Hyundai Group for elevators and logistics. Hyundai Capital provides automotive financing options, while Hyundai Glovis handles logistics and supply chain management. The 2300 Main Street building was previously leased by OptumRX and was developed by Irvine-based LBA Realty in 2002. Today, the five-floor office building is owned by Germany-based Manova Partners with Houston-based Hines serving as the property manager and CBRE handling leasing.
Office Leasing Activity in Orange County
Hyundai Glovis’ lease for 53,282 square feet in Irvine was the second-largest lease in O.C. in the first quarter, according to a Colliers office market report. Irvine’s Airport Area, where 2300 Main Street is located, is the county’s largest office submarket. The Main Street building was the second largest piece of leasable space in the Airport Area, according to Stream data cited by the Business Journal. Office leasing activity in Orange County is picking up, CBRE said in its latest office market report. In the Southern California county, office leasing activity was up 23 percent quarter-over-quarter, with 279 deals for 1.8 million square feet of space signed in the second quarter of this year. Vacancy currently sits at 15.7 percent, according to the report.
Related News
Read more
Hyundai America’s R&D unit leases 92K sf warehouse in Irvine
Hyundai air mobility research center lands in OC
Hyundai CEO buys 15 CPW condo for $17M
Conclusion
Hyundai’s lease deal for 133,745 square feet of offices at 2300 Main Street in Irvine marks the largest lease deal in Orange County so far in 2025. This move demonstrates the company’s commitment to expanding its presence in the region. With office leasing activity on the rise in Orange County, it will be interesting to see how this deal impacts the local market.
FAQs
Q: How much space did Hyundai lease in Irvine?
A: Hyundai leased 133,745 square feet of offices at 2300 Main Street in Irvine.
Q: What is the current vacancy rate in Orange County?
A: The current vacancy rate in Orange County is 15.7 percent.
Q: Which company handles leasing for the 2300 Main Street building?
A: CBRE handles leasing for the 2300 Main Street building.
Q: What is the largest office submarket in Orange County?
A: Irvine’s Airport Area is the county’s largest office submarket.
