A Taiwanese tech company is bringing more jobs to Tustin, California, after securing a site for its future North American operations at a new business park that is part of a satellite campus for local colleges.
Advantech entered into a ground lease for around 9.5 acres at the South Orange County Community College District's Advanced Technology & Education Park. The lease was selected by a panel of local industry professionals as worthy of a 2024 CoStar Impact Award as the lease of the year for Orange County.
Advantech plans to build a roughly 109,000-square-foot office property on the site along with an around 79,000-square-foot industrial facility. The company has an option to buy the property with the intent to close on the purchase in 2034.
The large lease directly helps the "learning village" component of the former Tustin Marine Corps Air Station move forward by providing internships for students within the South Orange County Community College District, noted CBRE First Vice President Tom Abel, one of the judges involved.
About the Project: Advantech is the first industry partner to break ground at the new business park. Construction is scheduled to be completed in late 2025.
What the Judges Said: "The financial and community impact of this property will service the population for years to come. I love the educational impact for our students," wrote Eileen Doody, senior vice president of healthcare services for Avison Young. Added Robert Taylor, president of REMM International: "Glad to see Taiwanese-based company investing in Orange County. This business will create high-paying jobs and opportunities for college students. "
They Made it Happen: Kidder Mathews Senior Vice Presidents Eric Tse and Oliver Ternate represented Advantech in the deal. NAI Capital Executive Vice President David Knowlton and Senior Vice Presidents Kirby Greenlee and Mariko Beaver represented the landlord.
CoStar Market Manager Amanda Fender contributed.