West Millennium, which acquired the 21-year-old building for $38 million according to Grubb & Ellis, is planning a multimillion-dollar renovation of the property. The asset was 50% occupied at the time of the sale in May. Michael Randall of the Newport Beach office of Grubb & Ellis, who represented the seller, says that the new owners plan to add a parking structure to the building as an incentive to attract tenants.
"The buyer felt that the timing was right to diversify into the office market, and this property offered one of the few value-add opportunities available in Orange County," says Randall, who calls the building "well positioned for long-term value." Girty says that the Transwestern marketing and leasing effort will focus on attracting and retaining high-quality tenants for the building, which is situated within the City in Orange, a mixed-use business environment that is adjacent to the Block at the City, an entertainment and retail venue.
Among the selling points the Transwestern team will emphasize is the location near the 22, 5 and 57 freeways as well as direct access to public transportation including Metrolink.
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