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12/22/21
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Sky Park, an 81.6k sf, three-building office campus in Irvine traded hands in a recent deal. The property was acquired from The Koll Company by a private investment entity.
The property, originally developed in 1975 by The Irvine Company and extensively renovated in 2019, is located within a serene setting surrounded by a greenbelt perimeter and situated on a single parcel totaling five acres. Sky Park provides immediate access to the San Diego (I-405), Costa Mesa (SR-55) Freeways and the San Joaquin Hills Transportation Corridor (SR-73), allowing for convenient commutes to all of Southern California.
The property is within walking distance to numerous amenities at The Square, offering over 16 shops and restaurants, as well as The Irvine Concourse, which features abundant eateries and an Equinox Sports Club.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Sean Fulp, and Director Brandon White represented The Koll Company in the deal. The price was not disclosed.
The Orange County office market is poised for a post-pandemic recovery given its strong demographics, growing tech base and diverse occupancy pool that spans multiple industries, according to Newmark Research. Sublet availability in the market has likely peaked, and leasing fundamentals are expected to improve later this year into 2022 as employees return to the office and more companies begin to execute on long-term real estate needs.
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