Kearny RE Signs Optima Tax Relief to 77,500-SF Lease at Harbor@Elevate in Santa Ana, CA

LOS ANGELES - July 25, 2019 - PRLog -- Kearny Real Estate Co. has signed Optima Tax Relief to a long-term lease renewal and expansion for 77,500 square feet at Elevate@Harbor, an eight-acre office campus in the South Coast Metro submarket of Santa Ana, CA.

Optima, a tenant since 2012, will take an additional 2,000 square feet and consolidate its space into an entire 77,500-square-foot three-story building which will now serve as its corporate headquarters.  It is the smaller of two mid-rise glass curtain wall buildings that comprise the 197,350-square-foot Elevate@Harbor located at 3100-3130 Harbor Boulevard.  The move by Optima allows Kearny to market the120,000-square-foot, five-story building with 24,000-square-foot floor plates as a multi- or single-tenant building.

Kearny acquired the property from The Colton Company for $34.8 million in January 2018.  The Los Angeles-based firm is completing an extensive $20 million renovation of the office campus later this summer. Improvements include a refreshed building exterior, updated corridors, bathrooms and elevator cabs, private tenant patios, tenant lounge, conference center and an indoor/outdoor fitness facility.  Additional features include 40,000 square feet of elevated patio space between the two buildings, an event lawn, and a renovated on-site café with outdoor dining areas.  Elevate@Harbor is structured and surfaced parked at 4:1,000.

The property is part of the South Coast Metro submarket within the Greater Airport Market in Orange County, which has been at the center of commercial real estate activity in the last few years. Recent developments include the Hive, the headquarters for the Los Angeles Chargers, Van's purchase and renovation of its global headquarters, and The Press, a 24-acre redevelopment of the former Los Angeles Times printing press facility that Kearny and the Tribune Media Company sold to Steelwave, LLC and Invesco in late 2017.

About Kearny Real Estate

Kearny is a Los Angeles-based real estate firm noted for its large, complex and transformational development projects. Recent projects include the entitlement of the former Los Angeles Times printing press on a 24-acre site in Costa Mesa, the successful repositioning of Five Thirty B, a 240,000-sf office tower in downtown San Diego and Emerald Plaza, a 30-story office building, also in downtown San Diego.  Kearny Real Estate Company (http://www.kearny.com) is a partnership of experienced real estate professionals active in the acquisition, entitlement and land development, development, repositioning, distressed debt workouts, leasing, management and disposition of commercial real estate projects with an aggregate value of more than $4.5 billion.