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Rivian Automotive Inc. is leasing another 95,000 square feet of industrial space at Jamboree Business Park, across the street from its Irvine headquarters.
The electric vehicle maker signed a lease for 94,550 square feet at 14410 Myford Road on April 30 and plans to move into the space on May 30. Rivian (Nasdaq: RIVN) will occupy the entire industrial building, close to where Jamboree Road meets the Santa Ana (5) Freeway.
A Rivian spokesperson did not confirm what the electric vehicle manufacturer would do at the new location. The building at 14410 Myford Road is owned and managed by Irvine Company.
The lease is a positive signal for the Irvine-based company’s plans for Orange County. The electric vehicle manufacturer assembles its vehicles at a plant in Normal, Illinois; it’s currently expanding that facility by spending about $120 million to build a 1.2-million-square-foot supplier park. It’s also spending about $5 billion on new manufacturing facilities in Georgia.
Rivian already has a large presence in Irvine. Rivian’s headquarters is at 14600 Myford Road, a 186,742-square-foot space across two floors. In 2022, the company leased 219,000 square feet at 14451 Myford Road. It also has a 63,942-square-foot space and 70,205-square-foot facility, both at Irvine Spectrum.
Growing in OC and Beyond
Rivian last month reported it manufactured 14,611 electric vehicles in the first quarter, a 4.5% increase from a year ago, and delivered 8,640, down 36%.
While Rivian topped Wall Street’s expectations for the first quarter, it lowered 2025 targets for vehicle deliveries. The company’s new guidance includes deliveries of between 40,000 units and 46,000 units, down from guidance of 46,000 and 51,000 deliveries foreseen in early April. In 2024, it delivered about 51,500 vehicles.
Shares of Rivian have risen about 58% since a 52-week low of $9.50 last November. At press time, they traded at $14.96 and a $17.1 billion market cap, making it the third most valuable publicly traded company with headquarters in Orange County.
The Business Journal’s list of automakers, published last October, ranked Rivian as the biggest vehicle brand, in terms of employees who work in Orange County. Rivian had 1,883 employees within the county, well ahead of Hyundai Motor America’s 861 employee count.
Orange County’s Office, Industrial Markets
If used as office space, Rivian’s lease deal, made in the second quarter of the year, surpasses the largest office lease deal made in the first quarter of the year. The biggest office lease deal for the first quarter of 2025 was Inari Medical’s 54,406-square-foot deal at 501 Technology Drive in Irvine, according to Colliers and Cushman & Wakefield.
Rivian’s lease was relatively small, however, compared to Orange County’s largest industrial leases last quarter. Straub Distribution Co., for example, renewed its 281,548-square-foot industrial lease at 4633 La Palma Ave. in Anaheim.