OC's Eureka Building Sold, New Leases In

Peter Polydor, cofounder of merchant bank ERGO Capital Partners and leading investor, closed on the purchase of 1621 Alton Parkway in Irvine, California. The property, now dubbed The Eureka Building, sold for an undisclosed amount, but public records show that it was listed for sale at $6.9 million and was previously bought in 2011 by San Diego-based investment firm Westcore Properties for $5.5 million. The former offices of Fox Racing has been transformed from a single-tenant building into a multi-tenant creative space. Polydor said in an Orange County Register article this August that he plans to lease the space to tech companies after doing renovation work on the 34-year-old property, including replacing an on-site BMX racetrack with a modest bike trail.

"The Eureka Building provides a one-of-a-kind opportunity for creative or tech companies in Orange County. There has been a growing demand for creative space in Orange County, especially in the Greater Airport Area," said Senior Associate Shawn Lawrence of Cushman & Wakefield's Orange County office, which negotiated the purchase and will serve as leasing agent for the property. "The Eureka Building creates the synergy of a Silicon Valley campus in the heart of Orange County. It is truly a phenomenal opportunity for local tech companies."

The Eureka Building is a two-story, 40,852-square-foot office building with campus style creative office and event space in Irvine, California. It was created to help foster innovation and creativity by giving technology and design companies in Orange County a home that is centrally located and easily accessed. The campus is located in one of Orange County's premier infill industrial submarkets near Interstates 5, 405 and Highway 55, and offers close proximity to executive housing, destination shopping and the Orange County Airport. According to a press release, two companies have already leased space within the building: Coastal Sports Group, a leading distributor of motorcycle and ATV aftermarket parts, accessories and apparel has leased 8,400 square feet, with another 7,100 square feet leased by XPAL Power, a designer and manufacturer of portable power packs.

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