The facility, which was 94% occupied at the time of sale, includes tenants ERM West Inc., CH2MHill, Callahan & Blaine, Systems Management and the federal government. Known as 3 Hutton Centre, the building is a class A, 10-story facility with an adjacent six-story parking structure. Built in 1985, it is one of six office facilities that are located within the Hutton Centre complex.
The Hutton Centre complex, which is built around a three-acre lake, encompasses 43 acres. Aside from its office facilities, the master planned commercial development also contains a 167-room Doubletree Hotel, an Edwards Theater and various retail amenities.
Although financial terms of the deal were not disclosed, the asking price for 3 Hutton Centre was $34 million. Purchase interest for the property was high, according to a company spokesperson.
Both the buyer and the seller, Japanese-owned ORIX Real Estate Equities Inc., were represented by a CB Richard Ellis team consisting of Robert Smith, Michael Kane, Karen Scholte, John Weiner and Jeff Morgan from the firm's Newport Beach office and Michael Schramm of CB's Chicago office.
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