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2/17/15
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A venture between Hines and a subsidiary of a fund managed by Oaktree Capital Management L.P. has acquired 4000 MacArthur, a Class A office project in Newport Beach. The property consists of two 10-story buildings totaling 375k sf of space. The deal price was not given out.
Located within the Airport Area submarket, 4000 MacArthur is situated within the 179-acre Koll Center Newport at the intersection of MacArthur Blvd and Jamboree Rd, just one-half mile from John Wayne Airport. The property is near to executive housing, hotels, shopping, dining and fitness clubs, and offers convenient access to the SR-73 and I-405 freeways.
Recent building improvements include a new curtain wall façade, two fully renovated main lobbies, new restrooms, new corridors, new individual elevator lobbies, new parking and landscaping, new multiple outdoor seating areas, and a new on-site café.
The buildings are approximately 91 percent leased to 12 tenants, including: Hyundai Capital America, M/A-COM Technology Solutions Holdings, Lifescript, and Premier Business Centers. Hines has assumed on-site property management responsibilities on behalf of the joint venture.
Hines Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “4000 MacArthur’s location, access, visibility, quality improvements, and credit tenancy make this a particularly attractive acquisition for Hines and Oaktree. We expect the exceptional top floor vacancy, creative speculative suites, and prominent building top and monument signage will draw additional premier tenants to our project.”
The purchase marks the 11th OC acquisition between Hines and Oaktree. They now own 2.8 msf in Orange County that they’ve taken from 65 percent leased at acquisition to nearly 90 percent leased today.
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