BREA, CA—GlobeSt.com has learned that Lexington Realty Trust has placed the Bank of America Campus at 275 Valencia Ave. here on the sale block. While the parties involved have not revealed the asking price, industry sources tell us that the 637,503-square-foot building on 31.6 acres could fetch up to $120 million.
Cushman & Wakefield is representing the owner in the property’s sale. Bank of America is the original tenant and completely occupies the space on a net lease with nine more years remaining on it. The property serves as an operations facility for B of A, one of the world’s largest financial institutions.
According to C&W, the campus is the largest single non-owner/user office building in Orange County. It is designed as a headquarters with executive offices, administration area and call-center space. Common areas include a full-service café and dining areas equipped with WiFi and other amenities.
“This campus is a critical ‘core facility’ for Bank of America, located in a submarket that is poised for significant rental-rate increases,” says Jeffrey Cole, executive director with C&W.
Cole tells GlobeSt.com, “The campus represents a unique opportunity for an investor to acquire one of only a handful of large (over 500,000 square feet) low-rise office campuses in all of Orange County, with a Fortune 500 long-term credit tenant. It is in a submarket that is currently experiencing significant new residential construction and investment.”
As GlobeSt.com reported exclusively last week, one of the largest owner/user sales in recent memory took place in Irvine. Global medical-device manufacturer Masimo Corp. has purchased a 213,430-square-foot office building at 52 Discovery here from Nikken Inc. for $56 million. The building has an approximately $3.2-million 700KW solar system on its roof, which has provided significant solar energy and savings of 22 cents per kilowatt to the previous owner—roughly a $25,000-per-month rebate check from the utility company—over the past three years. The system will continue to provide solar-energy production for the life of the improvements and savings for Masimo in addition to generating rebate revenue for a few more years.