PREI Scoops Up Trophy Office for $94M

HUNTINGTON BEACH, CA—A partnership between Lincoln Property Co. and GEM Realty Capital has sold One Pacific Plaza, a three-building, class-A trophy office property here, for $93.6 million, or $244 per square foot, to Prudential Real Estate Investors. The property, which includes a 12-story main tower and two six-story mid-rise buildings for a total of 384,303 rentable square feet, has flexible floor plates that allow for single- or multiple-tenant configurations and a parking ratio of 4.2 spaces per 1,000 square feet.

Prior to deadline, PREI had no information for GlobeSt.com on its plans for the newly stabilized property. Lincoln Property and GEM had acquired the asset in October 2011 through a receivership sale and made significant upgrades to the building, including remodeling the lobby and elevators and updating common areas. The team also created new outdoor courtyards with seating areas. At the time of the acquisition, One Pacific Plaza included the adjacent 24-Hour Fitness center and Italian restaurant Buca di Beppo; both were sold during Lincoln’s ownership.