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6/18/14
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Irvine Spectrum Office Plaza, a Class A, 67.6k sf ($160/sf) office building in Irvine, was purchased for $10.8 mil by PRES Companies. The building, located at 15707 Rockfield Blvd, east of I-5 and south of Bake Pkwy, was sold by an unnamed private investor.
The building is approximately 64% occupied. Sitting on 2.94 acres of land, the property consists of a three-story office building developed in 1986 and renovated in 2013. Renovations were recently completed in the lobby, common areas, parking lot and landscaping.
CBRE’s Bob Smith, Paul Jones and Blake Bokosky represented the seller in the transaction.
“The property is situated in the heart of the Irvine Spectrum, and in one of the most stable and historically safe cities in the country,” said Jones. “It’s a highly sought after location where the market is expected to benefit from improving fundamentals.”
Irvine Spectrum Office Plaza is in proximity to the future development site of the Orange County Great Park, which encompasses a 176-acre sports park. Nearby is the Great Park Neighborhoods, which is entitled for 5,000 acres, 9,500 homes and 3.5 msf of retail, recreational, research and development, office and educational uses.
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