IRVINE, CA—Glen Bell Way, a class A, 273,180-square-foot office/R&D campus in downtown Orange County's Irvine Spectrum, has changed hands. Newmark Knight Frank's co-head of US capital markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard and Director Brandon White represented the undisclosed seller.
The buyer, Skyline Group International, a Taiwan-based multifamily company, was sourced by Newmark Vice Chairman, Divisional Head of International Capital Markets Alex Foshay. "The buyer was familiar with the Irvine Spectrum and realized Glen Bell Way offered a rare and unique opportunity to acquire a Class A asset with strong credit tenancy and an attractive weighted average lease term," Jones says in a prepared statement.
Shannon adds that "This is yet another example of family office capital stepping up to acquire a trophy Orange County office building. Private capital, both domestic and foreign, have dominated the buyer landscape for Orange County office trades this year."
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The project consists of three primary structures: 1 Glen Bell Way, a five-story steel frame office
building; 3 Glen Bell Way, a one-and-two story, tilt-up concrete R&D/office headquarter building; and 5 Glen Bell Way, a four-level, 911-stall parking structure. The campus is 100% NNN-leased to two globally recognized tenants – Yum! Brands and Ford Motor Company. There are 91,457 square feet of remaining entitlements associated with the campus that can be utilized for potential future expansion/office intensification for 3 Glen Bell Way.
The Irvine Spectrum has established itself as one of Orange County's prominent office markets, offering an attractive labor pool, premier amenities, new construction and a diverse employment base consisting of high tech, biotech and electronic firms. Vacancy during the second quarter of 2021 is well-below the pre-recession peak of 27.8% in 2008. A significant portion of Orange County's current vacancy stems from leased new construction that tenants have yet to occupy.
Newmark Research forecasts deal activity to ramp up in the second half of the year, along with absorption gains.
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