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2/02/15
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A 9.9k sf office/R&D building in the Irvine Spectrum was acquired by Freedom National Insurance. The property fronts the 405 Fwy and is located at 8855 Research Dr, adjacent to the confluence of the 5 and 405 freeways.
Freedom National Insurance plans to use the property to house its technology research and development division. It purchased the property from Research Property LLC.
Cushman & Wakefield’s Blake Garrett represented the buyer in the transaction. Research Property LLC was repped by Bob Reiden of Lee & Associates.
According to Cushman & Wakefield’s Research Group, the Irvine Spectrum flex/R&D market has an overall vacancy rate of 5.1%, flat from one year ago. The current vacancy is also lower than the county-wide vacancy rate of 5.2%. The tightening market has pushed average asking rents up 4.0% over the last year.
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