July 28, 2021 12:00 PM
星空体育app下载 announces it has arranged the sale of City Tower, a LEED Gold certified, trophy office tower totaling 435,177 square feet in Orange, California. The transaction is the largest office sale in Orange County year-to-date[1].
星空体育app下载鈥檚 Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Brunson Howard and Ken White and Senior Associate Brandon White represented the seller, Pacific Oak Capital Advisors. The buyer was Opal Holdings, a New York based real estate investment firm.
Located at 333 City Boulevard, the 20-story building was 90% leased at the time of sale to prominent tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. City Tower is a high image, Class A building featuring distinctive architectural design, expansive window line, contemporary interior finishes, a dual-elevator lobby and abundant parking.
鈥淐ity Tower is the premier high-rise office tower in Central Orange County,鈥� said Jones. 鈥淚ts strong tenancy and WALT, coupled with below market in-place rents, provides the buyer with a secure, income producing asset with limited future capital improvements.鈥�
Shannon added, 鈥淭his is yet another example of a family office with a long-term hold strategy buying a high-quality Orange County office asset. We have seen private capital like Opal more aggressively price office assets compared to institutional buyers in Orange County recently.鈥�
The property recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and building entryway. Situated in Central Orange County, the property presents a corporate prominence with direct freeway visibility from the Orange, Santa Ana and Garden Grove Freeways.
The Central County submarket has experienced office rent growth of over 24% in the last ten years and is Orange County鈥檚 third-largest submarket, with roughly 16.5 million square feet of office stock, according to 星空体育app下载 Research. A significant portion of Orange County鈥檚 current vacancy stems from leased new construction that tenants have yet to occupy. Elevated vacancy levels will decrease in time, and deal activity will likely ramp up in the second half of the year, along with absorptions gains.
[1] 星空体育app下载 Research
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, 星空体育app下载 generated revenues in excess of $1.9 billion. 星空体育app下载, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow .
Discussion of Forward-Looking Statements about 星空体育app下载
Statements in this document regarding 星空体育app下载 that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, 星空体育app下载 undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see 星空体育app下载’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.