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1/31/20
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Dayani Partners has purchased Von Karman Tech Center, a 101.2k sf, multi-tenant office building in Irvine. The property was sold by KBS Growth & Income REIT Inc for $25.4 mil ($251/sf) in an off-market transaction.
Von Karman Tech Center, developed in 1980 and fully renovated in 2013-2014, is located at 16842 Von Karman. KBS acquired the two-story asset in 2015 and recently invested in a multimillion dollar renovation.
“Irvine matches well with KBS’ overall strategy of investing in strong tech markets throughout the country with solid employment and population growth,” says Richerson. “When KBS purchased this best-in-class office asset, we recognized this area of Irvine for its potential as an up and coming area for Orange County’s tech tenants. The area had a significant multi-family development pipeline and other walkable amenities that attract quality tenancy.
Von Karman Tech Center sits on 4.61 acres in the Irvine Business Complex, along a prominent thoroughfare adjacent to The District at Tustin Legacy shopping center and entertainment hub, which boasts some of the city’s most popular dining establishments, boutiques and specialty shops, the building provides tenants with high corporate visibility and ease of access to numerous retail and service amenities and nearby beaches. It features a growing collection of new residential and commercial developments, including more than 6,800 residential units under planning and construction at this time.
Following the renovations, the property has seen significant leasing activity in 2019, bringing occupancy up to nearly 90%, with new leases, renewals, and expansions signed year-to-date at more than 17.8k sf with the majority of space leased through 2023 and beyond.
Anthony DeLorenzo and Gary Stache of CBRE represented KBS in the sale. They buyer was self-represented. Bruce Fischer, Christine Fan, and Amanda Kennedy of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel on the sale.
According to CBRE, in Q3 2019, the Orange County office market leasing activity increased 34% over the quarter led by business services, real estate, life sciences and education companies. A tightening office market, strong fundamentals and new construction spurred activity and it is expected to keep steady through year-end.
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