IRVINE, CA-A joint venture between international real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. has acquired 17850 Von Karman, a .65-acre site in Irvine's Main Corporate Center, for an undisclosed amount. Hines plans to develop a 242,000-square-foot, class-A office building on the site without a particular tenant in mind.
The site, near John Wayne Airport and on the corner of Main St. and Von Karman Ave. within the Irvine Business District submarket, was purchased fully entitled from Von Karman-Irvine Associates LLC. CBRE represented the seller in the transaction.
According to Ray Lawler, managing director of Hines' Orange County development and investment office, “We are pleased to have acquired this excellent site in the heart of the Irvine Business Complex. We look forward to delivering an efficient, flexible and high-quality product, and we are excited to be able to capitalize on the ever-improving market fundamentals.”
Mark Jacobs, managing director for Oaktree, added that given the “prime location, coupled with the Hines/Oaktree sponsorship, we believe we can attract a lead tenant for our project. We look forward to constructing building that suits the specific needs of a future user.”
This transaction represents the second Hines purchase in the area from this seller within a short period of time. As GlobeSt.com reported last week, Hines Global REIT, a public REIT sponsored by international real estate firm Hines, acquired 2300 Main, a five-story, class-A office building, from Von Karman-Irvine Associates LLC for $38.2 million. CBRE also represented the seller in the transaction.
The property, a 132,064-square-foot building designed by Langdon Wilson and also located on the corner of Main St. and Von Karman Ave. within the Irvine Business District submarket, was completed in 2002 and has been 100% occupied by United Healthcare Services Inc. ever since. It is currently leased on a long-term basis to the subsidiary of UnitedHealthGroup Inc.
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