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August 22, 2017
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OC Office Property Trades for $27.5 Mil

7/10/17

Spectrum Tower, a 113.5k sf office property in Laguna Hills, was purchased by Monday Properties for $27.5 mil ($242/sf). The building is located at 23046 Avenida De La Carlote, amidst an area that is home to 22 major retail centers.

Spectrum Tower, built in 1983, is a Class A property featuring contemporary design and efficient floor plates. The building includes such tenants as Citizen Business Bank, Virginia Landry law offices, Regus, William Jordan Investments and STRADA Capital Corp.

The site is near the Irvine Spectrum, one of California’s largest regional retail centers. It is also one of only five office properties in the immediate submarket with freeway frontage that offers signage to the 278,500 cars that pass by each day, consistently commanding higher rental rates. In addition, the property is in the heart of the vibrant South Orange County office market.

CBRE’s Anthony DeLorenzo, Bob Smith, Todd Tydlaska, and Sean Sullivan represented the seller, TA Realty. Brad Zampa and Shaun Moothart of CBRE Capital Markets Debt & Structured Finance secured the financing for the New York-based buyer.

Orange County is the fourth-largest office market on the West Coast and among the top thirty in the United States as technology and financial companies are driving up demand for space in this Southern California region, according to a new research report by CBRE. In Orange County, technology and creative industries were the top drivers of leasing activity during the first three months of the year at 18 percent and 14 percent of total office demand.




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