The Orange County headquarters of $61B defense company Anduril Industries is up for sale.

Invesco and SteelWave own the 634K SF office and research facility, which Anduril leases entirely. Anduril has 13 years left on its lease, Bloomberg reported.

The company makes aerial drones and surveillance networks and has multibillion-dollar contracts with the federal government. In May, its valuation doubled following a blockbuster $5B funding round led by Thrive Capital and Andreessen Horowitz, according to Bloomberg.

Listing materials from Eastdil Secured, which is marketing the property, do not include pricing guidance for the complex, but the property's value is estimated at about $400M, based on an extrapolation of a $251M mortgage that ownership received in September and an assumptions of 65% loan-to-value for that mortgage.

“It is a very unique sale as it is 100% occupied and Anduril has very good credit and long-term credit with the federal government,” Stream Realty Partners Executive Managing Director Marty Pupil told Bloomberg.

Anduril leased the property in 2021. It was previously a Los Angeles Times printing facility and was converted into creative office space.

Anduril announced in January it is building a second campus in Long Beach. The $1B project will span more than 1M SF across six buildings, with 750K SF of office space and 435K SF of industrial space for research and development. That campus is expected to come online in mid-2027.

Aerospace and defense companies, long a staple in Southern California, have ratcheted up their presence in the region. Many, like Anduril, are in expansion mode and seeking new space.