Southern California-based private equity firm IRA Capital (IRA) recently announced its relocation from the Irvine Concourse to Park Place in Irvine, Calif. The move comes at a time when the firm is launching its flagship $500 million health care real estate fund and marks a footprint expansion from the 6,000 square feet occupied at its previous location to the roughly 15,000 square feet that the firm will occupy at Park Place-Irvine.

IRA inked an office lease at 3121 Michelson Drive, a LEED Gold-certified, low-rise building that incorporates 150,480 square feet of class A Irvine office space across six stories. The property features 25,000-square-foot floor plates; above-standard ceiling heights; steel frame construction with a glass and masonry exterior; and four passenger elevators, as well as a multi-level parking structure with more than 600 spaces.

With this relocation, IRA has strategically positioned itself minutes away from Orange County’s John Wayne Airport and Newport Beach’s Fashion Island. Notably, Park Place at 3121 Michelson is located across from the 150,000-square-foot, nine-acre project at the intersection of Michelson and Jamboree that the firm acquired in 2021, as well as one mile from the Von Karman Creative Campus 25-acre parcel that IRA acquired earlier this year.

“We are excited to announce the opening of our new office in Irvine, CA,” said Mohannad Malas, IRA Capital co-founder and managing partner. “This expansion is a reflection of our dedication to delivering exceptional investment opportunities and value to our stakeholders. The continued growth deepens IRA’s relationships, fosters collaboration, promotes innovation and better serves the unique needs of the community.”

The firm will be hosting a private event at its offices next month. The event will include guest speaker Farrah Khan, mayor of the City of Irvine, who will shed additional light on the current development environment and discuss opportunities for growth and innovation. Also speaking will be Chad Lefteris, CEO of UCI Health, which is in the process of constructing a $1.3 billion, 144-bed hospital/medical complex just down the street from IRA’s new office location.

Park Place – 3121 Michelson at 3121 Michelson Dr., in Irvine, Calif. Property image courtesy of CommercialEdge.

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