Pacific Oak Strategic Opportunity REIT has sold City Tower in Southern California to New York-based Opal Holdings for $150.5 million. The 435,000-square-foot office property is located in the City of Orange. The transaction is one of the highest priced deals to close so far this year in the market.

Pacific Oak had completed $3 million in property upgrades, including adding a fitness center, conference center, lobby and building entrance. During its ownership, it increased the building occupancy by 15%. At the time of the sale to Opal, the total occupancy was 90%. The building tenants include UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces.

Orange County's office market has performed well, despite the pandemic and the subsequent recession. Along with Los Angeles, the market outperformed the national office market. Los Angeles and Orange County had only a 28% decreased in large office transactions compared to a 45% decrease nationally.