OCVibe Inks Coworking Lease with Kiln

The Samueli family’s multibillion-dollar OC development landed a tenant. The mixed-use district, backed by Anaheim Ducks owners and billionaires Henry and Susan Samueli, inked a deal with Kiln.

Kiln, a coworking company, will rent the Weave offices that anchor the development called OCVibe in Anaheim. The timber office building is six stories and about 170,000 square feet. Kiln leased a full floor, or about 40,000 square feet of the space, which is set to include flexible workplaces, team suites and private offices, meeting rooms and more.

Kiln’s spot is expected to open next year. It is part of phase one of the megadevelopment that’ll surround the Honda Center once completed. The campus is anticipated to include apartments, hotels, offices, entertainment venues, open spaces and shops and restaurants. (The Honda Center is looking at a makeover, too). Kiln’s lease terms weren’t shared. But, the average Class A asking rent in OC is around $3.30 per square foot a month, according to a first quarter Kidder Mathews report.

Earlier this year, the development unveiled plans for six bar and lounge concepts within its “Katella Commons,” located on the first two floors of the office building. It’s a 50,000 square foot food hall that’ll host 21 chefs on top of the six bars.

The Orange County office market has an about 11 percent vacancy rate, per the Kidder Mathews report, and about 1.6 million square feet was leased during the quarter. That’s an improvement on vacancy, but not so much when it comes to leases — overall activity was down about 18 percent year-over-year.

Still, per the report, three notable OC leases last quarter were inked by Irvine Company, owned by the country’s richest developer Donald Bren. Irvine signed two around 40,000 square foot leases and one over 25,000 square feet. Relatedly, Dan Young, OCVibe’s masterplanner, was previously an Irvine Company president.

Los Angeles’ office market had a vacancy rate of about 16 percent , to compare, per a Kidder Mathews report, and lease transactions there were down 32 percent from last year.