|
|
9/08/15
|
Hines closed on a SoCal institutional office buy, acquiring Quintana Office Campus, a 421.9k sf, Class A asset in Irvine, from Menlo Properties in a deal worth over $100 mil ($237/sf). The property, located at 17875, 17877 Von Karman Ave and 17838, 17872 Gillette Ave, consists of four separately parceled office buildings.
Quintana Office Campus is adjacent to the busy intersection of Main St and Von Karman Ave, east of the 55 Fwy and north of the 405 Fwy, in the heart of the Irvine Business District. Each building surrounds a central courtyard providing a contemporary campus setting with a unique outdoor workspace area.
Cushman & Wakefield’s Jeffrey Cole and Ed Hernandez, along with HFF’s Ryan Gallagher, Mike McCann, Derreck Barker, Michael Leggett and Kevin MacKenzie, represented the seller.
“The buyer plans to renovate the campus with attractive common areas and amenities to take advantage of the scarcity of large blocks of space and a rapidly tightening Airport Area submarket,” said Cole.
According to Cushman & Wakefield Research, the Greater Airport Area has accounted for 46.1% of year-to-date leasing activity in Orange County, with a recorded 2.13 msf of year-to-date leasing activity—by far the highest in Orange County.
In addition, the overall vacancy rate in the Greater Airport Area declined 90 basis points from 13.6% to 12.7% over the past 12 months, the lowest since 3Q 2007. Costa Mesa’s monthly average asking rental rate of $2.34 Full Service Gross represents an 8.5% increase when compared to the same time last year.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
