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10/11/16
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Manulife Financial has acquired a five-story, Class A, 103.6k sf office property in Irvine. The property located at 17911 Von Karman, is situated in the Irvine Concourse, a 48-acre, master-planned office park within Orange County’s airport submarket.
Built in 1979, 17911 Von Karman underwent a major renovation in 2014 that included the addition of high-end contemporary finishes. The property was 88 percent occupied at the close of escrow by four tenants including KTGY Group, Lineage Logistics, General Electric, and Bosch Home Appliances.
Amenities within the Irvine Concourse include dining establishments of McCormick & Schmick’s and El Torito Grill, as well as Wyndham and Embassy Suites hotels and Equinox Fitness Club. Additionally, Park Place, a 2.5 million-square-foot mixed-use project is located less than one-mile from the property and offers an array of dining and shopping amenities.
Kevin Shannon, Paul Jones, Blake Bokosky, and Robert Griffith of NGKF Capital Markets, represented the institutional seller, as well as Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. The price was not given out.
“The 17911 Von Karman building is an institutional quality asset within the heart of Orange County’s most active and coveted office market,” said Jones, senior managing director with NGKF in its Newport Beach office. “This was a strategic acquisition for Manulife as it owns Oracle Tower next door and can benefit from economies of scale from management, leasing, and parking perspectives.”
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