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9/11/18
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The Atrium, a 302,877-square-foot, 10-story trophy office property in Irvine, was acquired by Kelemen Company in a recent transaction valued at $106.75 mil ($352/sf). The property was sold by Barings Real Estate, part of Barings LLC, acting on behalf of institutional investors.
Located on 6.12 acres at 19100 and 19200 Von Karman Ave, The Atrium was built in 1986 and underwent an extensive renovation in 2015. The $5.3 mil capital improvement program included upgrades to the atrium lobby, common areas, exterior courtyards, restrooms and elevator cabs and lobbies. The property is 90 percent leased to several tenants including Premier Business Centers and Severson & Werson.
The Atrium features an architecturally distinctive design, an enclosed 10-story atrium lobby with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. The asset has also been home to Bistango, a world-class restaurant, which is located on the ground floor, since 1988. The Atrium is less than one-half mile from John Wayne Airport and offers nearby access to State Route 55, Interstate 405 and State Route 73.
The new ownership is planning an extensive interior and exterior renovation, which will further push market rents at the property. NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard and Managing Director Blake Bokosky represented the seller in the deal. The buyer was self-represented.
John Kennedy, Western Region Managing Director for the Real Estate Equity group at Barings said: “Our leasing efforts were key. We were able to achieve very strong recent leasing, which well-positioned the property for sale, and allowed us to successfully exit the asset, completing our investment plan.”
This transaction is the fourth sale greater than $100 mil since the first quarter of 2018 in Orange County. The NKF Capital Markets team has represented the sellers on three of those sales.
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