Concordia's lease at the Park Place facility, where the ABSN program is currently housed, is up for renewal in August 2023. Facing a substantial increase in the lease price, Concordia began considering other options to house the ABSN program. The Spectrum property was listed in October 2022, and Concordia's offer was accepted.
Concordia secured financing with very favorable terms for the building purchase through the Lutheran Church Extension Fund (LCEF).
Per the terms of the purchase agreement, the current building tenant, UMass Global, will continue to lease one floor of the building for approximately 18 months while they transition to a new facility.
Concordia is committed to educating the workforce in Irvine and beyond for the 21st century. This investment is a testimony to Concordia's continued commitment to serve the community of Irvine, even as we get ready to celebrate our 50th anniversary in 2026.