Drawbridge Realty has inked its second big office lease in Orange County in as many months.
The San Francisco-based commercial real estate investor, which is backed in part by New York-based private equity firm KKR & Co., recently announced that the County of Orange will be expanding its presence at the Saint Andrew Place office building just west of the Costa Mesa (55) Freeway on Saint Andrew Place.
The county previously occupied a little more than 70,000 square feet at the building, located at 1700 E. St. Andrew Place. The new expansion means that various county agencies will now occupy the entire three-story building, which totals 170,051 square feet.
Drawbridge bought the building, the one-time home of eye care company Advanced Medical Optics, in 2016 for a reported $37 million.
Lease Through 2042
The county initially inked a lease in 2023 at the St. Andrew building, for the OC Probation Department Central Youth Reporting Center, according to filings with the OC Board of Supervisors.
The expansion is expected to house the county’s Health Care Agency, which is relocating from a county-owned site on 17th Street in Santa Ana that is being eyed for a sale and housing redevelopment.
The new lease will result in the entire building being occupied through 2042. County agencies will be moving into the new space between late 2026 and early 2027.
“The county has been an exceptional tenant at 1700 E. St. Andrew, and we’re thrilled to be able to continue to support their evolving space needs,” said Drawbridge managing director and SVP Mike Embree. “This expansion underscores our commitment to providing flexible, high-quality work environments that align with our tenant’s long-term goals.”
The county will be paying monthly rents of $3.45 per square foot for the space, starting in November 2026, according to county filings. That’s well above the going rents for office space in that area of Santa Ana.
The county also has the option to buy the building outright for a price between $77.1 million and $86.8 million, before mid-2029, filings indicate. The lower end of that purchase option equates to a price of $450 per square foot, with the higher price at $506 PSF.
Offices in OC have been trading closer to $200 PSF this year.
Anduril Landlord
In October, Drawbridge announced the nearly $78 million purchase of The Hive, a three-building office complex in Costa Mesa. At the same time, it said it inked defense contractor Anduril Industries to lease the entire 190,000-square-foot campus.
Anduril’s headquarters are next door to The Hive, which previously held the local base for the LA Chargers football team when they relocated from San Diego.
link
