BofA Signs Major Newport Center Office Lease

Bank of America has reportedly signed a lease for five floors totaling 88,000 square feet at The Irvine Co.’s Newport Center, located at Fashion Island in Newport Beach.

520 Newport Center Drive is now 80-percent leased. The 21-story tower opened last year, and signed Janus Capital Group as its first major tenant.

Office space is in high demand in Orange County. Vacancy rates are at 11.7 percent so far this year, compared to 14.8 percent for all of 2014.

The Irvine Co.’s building is part of its Fashion Island complex. The majority of the office tenants are financial firms.