Transwestern Closes 63,000-Square-Foot Lease For Pacific Trust Bank, Expanding Its Irvine Towers Headquarters By 50 Percent
IRVINE, Calif., Oct. 25, 2012 /PRNewswire/ -- Transwestern today announced that it has secured a renewal and 50 percent expansion of Pacific Trust Bank's corporate headquarters space in the prestigious Irvine Towers at 18500 Von Karman Avenue in Irvine, Calif. Pacific Trust Bank has leased an additional 21,000 square feet, bringing its total occupancy at Irvine Towers to nearly 63,000 square feet. Total consideration for the long-term lease was approximately $3.3 million.
Pacific Trust Bank was represented by David Giglio, vice president, and Lori Smith, associate vice president, both of whom are based in Transwestern's Orange County office. The building owner, The Irvine Company, was represented in-house by Mike Hodges.
"The expansion and renewal is a positive statement about Pacific Trust's current business and its future," said Giglio. "The Irvine Towers' high-profile location is central to the financial heart of Orange County with excellent visibility from the nearby Interstate 405 freeway."
Built in 1988, the 11-story office tower features award-winning landscaping highlighted by fountains, waterfalls and artistic structures. A short drive from the John Wayne Airport, the property is adjacent to numerous restaurants, shopping centers, cultural attractions and sports workout facilities.
ABOUT PACIFIC TRUST BANK
Pacific Trust Bank was originally founded in 1941 as a credit union in Chula Vista, and is now a federally chartered stock savings bank. It currently operates 12 office locations in the greater metropolitan areas of San Diego, Riverside and Los Angeles counties. A wholly owned subsidiary of First PacTrust Bancorp, Inc., its stock is traded on the Nasdaq Global Market under the trading symbol BANC.
Transwestern is a privately held operating company specializing in commercial real estate services, investment and development. The firm's fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts. Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.