Defense contractor Anduril Industries has signed a 640,000-square-foot lease at The Press, a redevelopment project in Costa Mesa, Calif., the Los Angeles Times reported. Invesco Real Estate and SteelWave own the facility. The transaction represents the largest office lease in Orange County over the past 15 years and the largest ever in the submarket, according to Newmark.
Located on 19 acres at 1375 Sunflower Ave., the 450,000-square-foot building previously served as the Orange County press house and press room of the Los Angeles Times. SteelWave and 5_Ronin are converting the property into office space and the redevelopment will cost approximately $200 million. EYRC Architects will design the project.
In addition to the existing structure, Anduril signed a lease for a 190,000-square-foot building that will be added to the site. The company will use this property as a research and development facility. The new space will house the firm’s headquarters for the next 10 years, possibly even more, Matt Grimm, co-founder & COO, told the Los Angeles Times.
Last June, Anduril also inked a 72,000-square-foot lease at the recently delivered Shea Business Center, a 500,000-square-foot logistics park in Santa Ana, Calif. Shea Properties owns the nine-building industrial complex.
The ownership acquired the asset for $64.8 million in November 2017, according to public records. A joint venture between Tribune Media and Kearny Real Estate Co. sold the property. In March 2020, Square Mile Capital originated a $117.2 million construction loan for the conversion, CommercialEdge data shows.