REAL ESTATE : State of the Art Signs Lease to Expand Space 30% at Irvine Spectrum

State of the Art Inc. said Tuesday it has leased additional space in the Irvine Spectrum office complex.

The accounting software developer signed a five-year lease with the Irvine Co. for an additional 21,000 square feet, increasing its space by 30%. The company said it will begin work this week to refurbish the new space, which is a one-story building next to its headquarters.

The lease makes the company, with 92,000 square feet of space, one of the top five tenants in Irvine Spectrum, said Larry Thomas, an Irvine Co. spokesman. Three years ago, he said, State of the Art occupied only 26,000 square feet.

David S. Samuels, chief executive officer of State of the Art, explained: “We’re bursting at the seams. . . . There is a high probability that even this will not be enough space. We may be looking at 150,000 to 200,000 square feet soon.”

The company reported $21.6 million in revenue for 1992, and industry analysts are projecting $31 million in revenue for 1993, a State of the Art spokeswoman said.

Founded in 1981, the company plans to add at least 140 employees this year, increasing its work force to 365 employees. State of the Art expects to house its new entry-level accounting software product division and production facilities in the building.