California's oldest provider of employee pension and trust administration services, CNA Trust has been a tenant in the Class A office complex, located at 3080 Bristol St., for 10 years. A division of Chicago-based CNA Financial Corp., the 30-year-old company holds more than $1 billion in fiduciary assets.
Although located in the South Coast Metro area of Orange County, the South Coast Corporate Center, which is comprised of three mid-rise office buildings, is in the John Wayne Airport submarket where there is currently an 11% vacancy rate. The complex, however, is 92% occupied.
"The market continues to be vibrant, growing and active here in Orange County. Expectations for calendar year 2001 remain high, in particular, the Orange County John Wayne Airport market," says Barry Gail, director of Cushman & Wakefield's Irvine office who represented the owner, MetLife, in the transaction.
In addition to Gail, Director Richard Essen with the same office of Cushman & Wakefield also represented the owner. The tenant was represented by Steve Barker of Studley Real Estate Services in Los Angeles.
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