|
|
3/09/18
|
City Tower, a 20-story, 435.2k sf high-rise office building in the city of Orange, was acquired by KBS Capital Advisors in a $147.25 mil ($338/sf) transaction. The property, located at 333 City Boulevard West, adjacent to the UC Irvine Medical Center, was sold by Torchlight Investors.
Built in 1988, City Tower is situated on 4.92 acres and includes an on-site café an adjacent six-level parking structure. It is the tallest building in the central Orange County submarket and the third tallest in Orange County.
City Tower is LEED Gold certified. The property recently underwent a $3 mil renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. It is 78% leased to a roster of notable tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Sean Fulp and Director Blake Bokosky represented the seller in the deal. The buyer was self-represented.
“Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong price of more than $338 per square foot for this asset. That price is testimony to investor confidence in the submarket as well as the value in this core, high-image office tower.”
City Tower provides access and high visibility from three major freeways (57, 5 and 22) and is walking distance to the Outlets at Orange, an 806k sf dining, shopping and entertainment destination.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
