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Bank Of America Leases 106000 Square Feet Office Space From Irvine Company In Newport Beach

Property Image
LEASED

California

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Office106,000 SF
Leased 02/18/2025
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Property Image
LEASED

Bank Of America Leases 106000 Square Feet Office Space From Irvine Company In Newport Beach

520 Newport Center Drive East

See Similar Deals
Office106,000 SF
Leased 02/18/2025
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:106,000 SF
Transaction Type:Lease

The property involved in this transaction is an office asset located at 520 Newport Center Drive, Newport Beach, with a total square footage of 106,000. The asset is owned by Irvine Company, which has maintained a high leasing rate attributed to its location and amenities.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Specified
  • Address: 520 Newport Center Drive
  • Market: Newport Beach
  • Landlord: Donald Bren - Irvine Company
  • Tenant: Brian Moynihan - Bank of America
  • Square Footage: 106,000

The deal highlights Donald Bren's role as the landlord representing Irvine Company, and Brian Moynihan as the tenant, representing Bank of America. The lease reinforces the demand for office spaces in Orange County, showcasing trendlines such as a 90% leasing rate in 2024, which demonstrates the market's resilience and appeal specifically for financial services firms.

Details

LEASED
IMAGE: Donald Bren & Brian Moynihan DATE: 02/18/2025 ADDRESS: 520 Newport Center Drive MARKET: Newport Beach ASSET TYPE: Office ~ SF: 106,000 LANDLORD: Donald Bren (@DonaldBren4) - Irvine Company (@WorkatIrvineCompany) TENANT: Brian Moynihan - Bank of America (@BankofAmerica) NOTE: Bank of America has leased 106,000 square feet at 520 Newport Center Drive, reinforcing the strength of Orange County’s office market and its appeal to financial services firms. Irvine Company, which owns the property, continues to see strong demand for premium office spaces, with a 90% leasing rate in 2024, driven by its focus on location, amenities, and flexible workspaces.

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Effective Rent (Annual)

$6,075,856.04

Total Lease Value

$60,758,560.35

Net Landlord Cash Flow$6,075,856.04