P
acific Premier Bank has reaffirmed its commitment to Orange County's office market by renewing its 115,438-square-foot headquarters at Oracle Tower in Irvine. The regional bank signed a lease for the entire 12-story building at 17901 Von Karman Avenue, with asking rent of $3.25 per square foot - significantly higher than the average rate of $2.79 per square foot in Orange County last quarter. According to Colliers' Bob Caudill, who represented the landlord along with Ryan Ward and Andrew White, Pacific Premier will be a long-term tenant at Oracle Tower.

    As one of California's largest regional banks, Pacific Premier has an extensive commercial portfolio worth $18 billion across the West Coast and Sun Belt. The bank has been based in the Oracle Tower for over a decade, making it a valuable anchor tenant for the property. Kidder Mathews' Dave Carder and Eric Tse negotiated the deal on behalf of Pacific Premier.

    Carder noted that office deals of this magnitude are rare in today's market, calling it "one of the largest office leases in the Irvine submarket this year." The Oracle Tower was acquired by John Hancock in 2014 for $94 million.