ATL Products Inc. has leased an additional 117,000 square feet of office space in Irvine's University Research Park, nearly tripling the amount of space it occupies to make it the largest tenant in the high-tech center.
The value of the five-year lease was not disclosed, but real estate analysts estimated it at $15 million. The deal is one of the largest in Orange County this year, based on office space rented.
The Irvine maker of large data storage systems already occupies 63,000 square feet in the park, which houses firms that work jointly with UC Irvine on research projects. The latest lease gives ATL a total of 180,000 square feet in the center. It also operates a manufacturing plant outside the park in Irvine.
"By doing this, they're showing confidence in the Orange County area," said Bart Pitzer, president of Lee & Associates Commercial Real Estate Services Inc. in Irvine.
ATL employs 500 people at its university park site and expects to hire an additional 150 people by late September, said Neal Waddington, the company's chief operating officer. ATL, one of the earliest tenants at the 2-year-old park, will occupy three buildings.