REAL ESTATE : Irvine Spectrum to Be Home to the <i> Other</i> Chrysler Building

The Big Apple won’t be the only city with a Chrysler Building. Now Orange County will have its own Chrysler Building in the Irvine Spectrum.

The Chrysler Corp. has signed a $5.3-million, 10-year lease to occupy a full floor for its Western regional headquarters in the 7700 Irvine Center office tower in the business park. In the biggest Orange County office deal in the past year, the company will move from space it occupies in the city of Orange and take a total of 24,320 square feet in the new building.

“This lease may well mark the beginning of the revitalization of Orange County’s office market,” said Steven Speier, president of Banc Commercial, a national real estate company that represented the building’s owner, Seventy Seven Ltd., a California partnership. “As a major tenant, Chrysler realized that now is the time to seek out and secure the size and quality of office space they will need for future growth.”

Chrysler is expected to employ about 110 people in its new headquarters and will move into the nine-story building this summer.