IRVINE, CA-WW VKO Owner LLC, a joint venture between Westbrook Partners, Walton Street Capital and Greenlaw Partners, has sold 18301 Von Karman Ave., a 226,055-square-foot, 11-story office building here, to GCGGL 18301 LLC, a joint venture between Cigna Corp. and Greenlaw Partners. Industry sources unrelated to the deal tell GlobeSt.com that the sale price was $69 million.
The class-A asset is part of Koll Center Irvine and home to anchor tenant Golden State Foods. The building attracts a diverse tenant roster including insurance, banking, real estate, biotechnology, healthcare, information technology, media, energy and others. The seller was represented by Jeffrey Cole and Ed Hernandez from Cushman & Wakefield's Irvine office.
“The Airport Area market is posed for significant short-term rent increases due to recent drops in vacancy and positive absorption,” says Cole. “The buyer saw this as a great opportunity to purchase a recently renovated, class-A office building in one of the best locations in the submarket.”
As GlobeSt.com reported earlier this week, Pacific Bell Telephone Co., a wholly owned subsidiary of AT&T Inc., has sold a class-A office property in the Downtown Anaheim Civic Center market to the PRES Cos., a privately held, fully integrated commercial real estate firm based in Irvine. GlobeSt.com has learned that the property, located at 200 W. Center Street Promenade, sold for $18 million.
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