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4/14/16
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Harbor Associates LLC has acquired 3 Burroughs, a 37k sf, former flex office building in Irvine that will be transformed into a Class A creative office campus. The project will be rebranded as ‘Bespoke Irvine’.
Built in 1982, Bespoke Irvine has unique architectural features that make the project well-suited for a creative office conversion. The building features wood beam ceilings at above standard heights of 14 feet, two courtyards, and a 4.1 per 1,000 parking ratio. Harbor’s renovation plans include a building exterior modernization with drought-tolerant landscaping and the creation of two new tenant entries, a roll-up glass garage door, and outdoor work and lounge areas.
The project is located in the Irvine Spectrum submarket, which has the lowest direct vacancy in Orange County at 5.7%. The property has great visibility on Bake Pkwy and is within ˝ mile of I-5 and I-405 allowing direct access throughout Orange County and Southern California. Bespoke Irvine is also located within 1.5 miles of the 1.2 msf Irvine Spectrum outdoor shopping mall.
John Collins, Matt McKinlay and Dave Smith of Lee & Associates represented the buyer and seller in the transaction. John Chun, Greg Brown and Jamie Kline of HFF arranged the financing for the project. The price was not disclosed.
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