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6/30/22
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In a major OC office buy, MetLife Investment Management and PGGM acquired Intersect, a four-building, 454k sf creative office campus in Irvine, for $235.25 mil ($518/sf). The property was sold by Hines. The purchase was financed with a new loan of $117.63 mil.
Intersect comprises four buildings located at 17877 and 17875 Von Karman Ave, and 17838 and 17872 Gillette Ave in the OC Airport Area submarket of Irvine. The 15-acre site is less than three miles from John Wayne Airport and has immediate access to the 405 Fwy connecting the property to the Los Angeles and San Diego metropolitan areas and labor pools. Orange County has become one of the most prominent tech hubs in California and is home to more than 200 Fortune 500 Companies as well as world class universities, including University of California Irvine, California State University and Chapman University.
Intersect recently underwent a more than $27 mil renovation to position it as one of the highest quality creative office campuses in all of Southern California. The property boasts an atmosphere of hospitality and innovation alongside a myriad of in-demand amenities, including an activated two-acre courtyard with a game pavilion, an urban garden, farmer’s market, basketball, volleyball, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining as well as live music and events catering to the Intersect tenant base and corporate along with residential neighbors.
In addition, the trophy campus offers on-site conference facilities, a state-of-the-art fitness center, food trucks, wellness trails, an auto spa, private tenant terraces and patios and subterranean and structured parking. The property is 85% leased to a diverse tenant roster.
Michael Leggett, Blake Bokosky, Mark DeGiorgio and Nicolai Waner with JLL Capital Markets represented the seller and procured the buyer in the deal. Additionally, JLL’s Kevin MacKenzie, John Chun and Samuel Godfrey secured the 10-year, fixed-rate acquisition loan through Allianz Real Estate. JLL previously worked to sell the original campus to Hines in 2015 and refinanced the asset on their behalf in 2019.
“We continue to see both tenants and investors gravitate towards high-end creative office product like Intersect that offers a dynamic work environment alongside carefully curated amenities focused on employee’s overall health and wellness,” Leggett said.
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