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April 13, 2024
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Murray Company Pays $19 Mil for OC Office Building in Owner/User Purchase

2/22/24

Murray Company purchased a 104.7k sf, Class A office property in the OC city of Cypress for $19 mil ($181/sf). Originally built in 1986, the property is located at 5995 Plaza Dr, north of Katella Ave and adjacent to the west side of Valley View St.

The building has five floors of open plan office space with an average floor size of 21k sf. The site also includes 461 surface parking spaces for tenant use.

Murray Company, a leading SoCal-based mechanical contractor, purchased the property at an estimated 30-35% of replacement value. Murray expects to occupy most of the building for their corporate offices, with over 250 employees eventually working out of the new office. The company plans to move forward with a slate of improvements at the property.

Danielle Knudson and Christopher Migliori, SIOR, with DAUM Commercial Real Estate Services represented the buyer in the deal. Tom Sheets and Quint Carroll of CBRE repped the seller of the property in the transaction.

According to DAUM Research as of the middle of Q4 2023, overall office vacancies in the Orange County market rose 47 basis points to 18.1%, putting mild downward pressure on rents. Net absorption was -399k sf at the start of Q4. However, the economic environment within Orange County and the U.S. overall remains generally positive. Employment continues to grow, though at a substantially slower pace with forecasted growth rates in the county below 1% for this year compared to 2.3% growth in 2023.





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