The Class A building, which is anchored by Northwestern Mutual Life, is approximately 95% occupied. Encompassing 86,707 sf, the 7-story structure stands at 1500 Quail St.
McMorgan Co. was represented by George Economos and Steve Economos of NAI Capital Commercial. Bryon Ward of Grubb & Ellis acted on behalf of the seller, LBA.
Leased up properties with long-term tenants have become increasingly sought after in the Orange County office market. Their value should continue to rise in 2002, as the tenant base continues to shrink.
Recent forecasts predict that the county's office market will not begin to turn around until mid-2002. "Opportunities for tenants to restructure deals on existing space will increase as landlords focus on keeping their properties occupied," says a recently released forecast by Grubb & Ellis.
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