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Brea Office Complex Trades in $110 Mil Deal

12/09/14

In a major sale out of Orange County, the 637.5k sf Bank of America Campus in the city of Brea recently changed hands in a deal we’re told ranks as the largest sale in Orange County for the year. The corporate complex, 100% net-leased to Bank of America, was sold by Lexington Realty Trust in a transaction worth around $110 mil ($172/sf).

The buyer was not disclosed, although it’s been reported elsewhere that it was purchased by OC-based Greenlaw Partners, in a venture with Cerberus Capital Management, out of New York. It had been listed in spring of this year, as reported by RENTV at the time.

The building is situated on 31.6 acres at 275 Valencia Ave, six miles north of Anaheim and 20 miles south of Los Angeles. Bank of America is signed through 2023. It currently serves as an operations facility for the bank, one of the world’s largest financial institutions.

B of A is the original occupant of the property, as it was constructed in 1983 for Security Pacific National Bank. Security was later acquired by Bank of America, which then sold the structure in a sale/leaseback deal in the 90s.

The property is the largest single non-owner user office building in Orange County. It is designed as a headquarters with executive offices, administration area and call center space. Common areas include a full-service café and dining areas equipped with Wi-Fi and other amenities.

Cushman & Wakefield’s Jeffrey Cole, Rick Kaplan, Ed Hernandez and Robert Lambert represented the seller in deal.

Located six miles north of Anaheim and 20 miles south of Los Angeles, the Bank of America Campus is only two miles from State Route 57, providing access to a broad labor pool from Los Angeles, Orange County and the Inland Empire.





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