MetLife Investment Management and PGGM have acquired Intersect, a 453K SF, four-building creative office campus in Irvine from Hines for $235.2M in one of the largest and most-lucrative office deals in Orange County this year.
Hines acquired the property, which currently is 85 percent leased, in 2015 from Menlo Equities for $121.5M.
A JLL advisory team secured a $117.6M 10-year, fixed-rate acquisition loan for the deal through Allianz Real Estate for the buyers. JLL was involved in the sale of the campus to Hines in 2015 and refinanced Hines' acquisition in 2019.
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