Built in 1984, the building was 85% occupied at the time of the sale, which was brokered by John Griffin of the Irvine office of Voit Commercial Brokerage, who represented both parties. It comprises 38 office suites averaging approximately 1,700 sf each.
The Koll Co. views the purchase as "an especially timely acquisition in a rapidly strengthening office market where rental rates have increased 10% in the past 12 months," says Allan Airth, a managing principal for the company. He cites the steady decline of the office vacancy rate in South Orange County, which decreased from 13% to 6% in the past year.
Koll also likes the property for its proximity to the Irvine Spectrum, major freeways and amenities like retail and business support services. The Koll Co. plans to will handle leasing and management of the new property in-house with existing staff.
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