Pacific Premier Bank Renews Headquarters at Oracle Tower
Boost for Orange County Office Market
The Orange County office market has received a significant boost with the renewal of Pacific Premier Bank’s headquarters at John Hancock Real Estate’s 12-story Oracle Tower in Irvine. The regional bank has signed a lease for its 115,438-square-foot space at the 272,887-square-foot office tower, with an asking rent of $3.25 per square foot.
High-End Lease
The lease is considered high-end for the Orange County market, with average asking rent for office space in the area standing at $2.79 per square foot last quarter, according to a Colliers report. The exact length of the lease is unclear, but Colliers’ Bob Caudill, who represented the landlord, stated that Pacific Premier would be in the building for "an extended amount of time."
Tenant Profile
Pacific Premier Bank is a 41-year-old regional bank with an $18 billion commercial portfolio spanning the West Coast and Sun Belt. The Oracle Tower has served as its corporate headquarters for more than a decade, with the bank first opening an office there unclear.
Landlord and Brokerage
John Hancock Real Estate, the U.S. arm of Canadian life insurer Manulife, acquired the property in 2014 for $94 million, according to The Orange County Business Journal. Kidder Mathews’ Dave Carder and Eric Tse arranged the deal for Pacific Premier, with Colliers’ Bob Caudill, Ryan Ward, and Andrew White representing the landlord.
Exceptional Transaction
Carder noted that office deals of this size are rare in the current market. "The size of this transaction is exceptional, marking one of the largest office leases in the Irvine submarket this year," he said.
Conclusion
The renewal of Pacific Premier Bank’s headquarters at Oracle Tower is a significant boost for the Orange County office market, demonstrating the continued demand for high-quality office space in the area. The deal highlights the importance of strong tenant relationships and the value of working with experienced brokerages.
Frequently Asked Questions
Q: What is the size of Pacific Premier Bank’s headquarters at Oracle Tower?
A: The bank has signed a lease for 115,438 square feet of space at the 272,887-square-foot office tower.
Q: What is the asking rent for the space?
A: The asking rent is $3.25 per square foot, which is high for the Orange County market.
Q: How long is the lease?
A: The exact length of the lease is unclear, but Colliers’ Bob Caudill stated that Pacific Premier would be in the building for "an extended amount of time."
Q: Who represented the landlord in the deal?
A: Colliers’ Bob Caudill, Ryan Ward, and Andrew White represented the landlord, while Kidder Mathews’ Dave Carder and Eric Tse arranged the deal for Pacific Premier.
