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

"Exceptional job growth and attractive demographics have madethis a difficult market to enter," Murray comments. However, hesays the Praedium-Orion venture acquired the property at a price"well below replacement cost." He notes that the Irvine SpectrumOffice Plaza provides tenants with easy access to varioustransportation outlets including the 5 and 405 (Santa Ana and SanDiego) freeways, Orange County's John Wayne Airport and the IrvineTransportation Center, as well as several highly-rated hotels and avariety of amenities, such as retail, entertainment and golffacilities.

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