IRVINE, CA-New York-based Praedium Group has purchased 2030 Main St., a 355,360-square-foot, class-A office tower in the Irvine Concourse Corporate Center here, for $114 million from an unnamed institutional advisor. The sale is being hailed as the largest office sale of 2013 in Orange County.
The 16-story tower is one of the tallest office buildings in the Greater Airport Area of the county. Completed in 1990, the building features efficient floor plans and floor-to-ceiling windows with views of the Pacific Ocean. It is adjacent to the I-405 Freeway as well as John Wayne Airport and has close access to the I-5, SR-55 and SF-73 freeways.
2030 Main St. is 92% leased, with a diverse mix of financial, insurance, legal, hospitality, consulting and real estate industry tenants, with minimal short-term rollover.
CBRE's Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan represented the seller in the transaction. “This is a core, class-A asset in a master-planned park in the CBD of Orange County, and there's a lot of capital attracted to the discount to replacement cost available in this market right now,” says Shannon. “Buyers are forecasting aggressive, near-term rent growth because of the continued, strong improvement in Orange County fundamentals.”
As GlobeSt.com reported earlier today, according to a report from Voit Real Estate Services, an overall increase in investment activity in the coming quarters is expected, and an increase in leasing activity is also anticipated as many short-term lease deals come up for renewal. “As job creation continues and consumer confidence stabilizes, the office market will continue to recover,” the report states.
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