IRVINE, CA-A partnership of the New York-based Praedium Group LLC and locally based Orion Property Partners has acquired the class A 65,030-sf Irvine Spectrum Office Plaza for $15.1 million. The property, at 15707 Rockfield Blvd., consists of 28 office suites ranging from just under 1,000 sf to more than 5,000 sf and was 92% leased at the time of the sale.

The three-story office project occupies a prominent location in the Irvine Spectrum, just off of the Santa Ana Freeway, where tenants include leaders in the software, computer hardware, biotech, medical devices, broadband communications and automotive design industries. According to Bob Murray, director and head of the western region for Praedium’s acquisition group, the joint venture of Praedium and Orion chose the property for its location in a strong Orange County leasing market.

“Exceptional job growth and attractive demographics have made this a difficult market to enter,” Murray comments. However, he says the Praedium-Orion venture acquired the property at a price “well below replacement cost.” He notes that the Irvine Spectrum Office Plaza provides tenants with easy access to various transportation outlets including the 5 and 405 (Santa Ana and San Diego) freeways, Orange County’s John Wayne Airport and the Irvine Transportation Center, as well as several highly-rated hotels and a variety of amenities, such as retail, entertainment and golf facilities.

Praedium and Orion acquired the property from Irvine-based Banyan Realty Group. The seller was represented by Robert Smith and Michael Kane of the Newport Beach office of CB Richard Ellis.

The acquisition marks the second joint transaction between Praedium and Orion Property Partners. In September 2005 the two firms acquired Alicia Office Park, a six-building 113,000-sf office campus in Laguna Hills, for $22 million.

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