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5/21/14
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We’ve learned that Lexington Realty Trust is selling the Bank of America Campus, a 100% net-leased corporate office campus totaling 637.5k sf in the OC city of Brea. The complex is located on 31.6 acres at 275 Valencia Ave, just south of Birch St. Although an asking price was not given out, industry pros familiar with the market that we talked to estimated it’s likely to go for somewhere in the neighborhood of $120 mil.
The property is 100% leased to Bank of America, the original occupant of the property, with nine years remaining on the lease. It currently serves as an operations facility for Bank of America, one of the world’s largest financial institutions.
The property is the largest single non-owner user office building in Orange County. It is designed as a headquarters with executive offices, administration area and call center space. Common areas include a full-service café and dining areas equipped with Wi-Fi and other amenities.
Jeffrey Cole, Rick Kaplan, Ed Hernandez and Robert Lambert of Cushman & Wakefield are handling the listing. According to Cole, “This campus is a critical “core facility” for Bank of America located in a submarket that is poised for significant rental rate increases and is experiencing tremendous new commercial and residential development.”
Located six miles north of Anaheim and 20 miles south of Los Angeles, the Bank of America Campus is only two miles from State Route 57, providing access to a broad labor pool from Los Angeles, Orange County and the Inland Empire.
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