Kia Signs Lease to Relocate, and Expand

2 July 1998

Kia Signs Lease to Relocate, Expand U.S. Headquarters to Irvine Spectrum; Irvine Spectrum Firing on All Cylinders with Auto Companies

    IRVINE, Calif.--(AutomotiveWire)--July 2, 1998--The Irvine Company Thursday announced that Kia Motors America has signed a five-year lease to relocate and expand its U.S. headquarters to Irvine Spectrum.
    Kia will occupy 153,000 square feet in a two-story building located at 9801 Muirlands Boulevard between Alton Road and Bake Parkway. The new facility will feature more than 90,000 square feet of office space. The remaining square footage will be utilized for service training. Kia is scheduled to move into the building in December.
    Kia's agreement keeps the vehicle manufacturer on a growing list of automobile companies with headquarters and/or other operations at Irvine Spectrum. In April, Lincoln Mercury agreed to terms to relocate its world headquarters to Irvine Spectrum from its longtime home in Detroit. Other automobile companies already located at Irvine Spectrum include Chrysler, Mazda, Toyota and Lexus.
    Kia will relocate to its new facility all company employees and operations currently housed in its 66,520 square feet of combined space at two Irvine Spectrum buildings, 2 Cromwell and 4 Cromwell.
    "Kia sales are up more than 90 percent over last year," said W.K. Kim, Kia's president and chief executive officer. "We anticipate continued growth in both sales and employment well into the foreseeable future. This move accomplishes two primary objectives.
    "First, it provides Kia with a facility that's large enough to accommodate the company's expansion. Second, it keeps us in the middle of what is fast becoming the corporate epicenter of California car culture."
    "We're very pleased that Irvine Spectrum will continue as the home of Kia Motors America and delighted that the company is experiencing such remarkable growth," said Dick Sim, group president of Irvine Investment Properties. "The concentration of automobile companies at Irvine Spectrum is among the most fascinating and important trends in the economic development of this region.
    "The multiplier effect of companies like Kia, Lincoln Mercury, Lexus and Mazda is enormous. The car companies at Irvine Spectrum are having a measurable impact on the economy of the Technology Coast."
    Irvine Spectrum is The Irvine Company's international center for business, research and technology located at the confluence of the San Diego (I-405) and Santa Ana Freeways (I-5). Encompassing 5,000 acres, the Irvine Spectrum is home to more than 2,200 companies and over 44,000 employees with core industries that include biotechnology, computers, electronic components, communications, engineering and software/information services.