The buyer, Karl Romero, was represented by Rick Warner of CB Richard Ellis. Phil Fridd of Lee & Associates – Orange Inc. acted on behalf of the seller, Hutton Development Co.
Activity has slowed considerably in the county's office market, as industry experts do not anticipate a turnaround to occur until the middle of the year. The office market has been heavily impacted by a shrinking tenant base and an increasing supply of sublease and direct space.
In terms of leasing, these factors have forced landlords to be much more accommodating than in the recent past. "Opportunities for tenants to restructure deals on existing space will increase as landlords focus on keeping their properties occupied," says a recent report by Grubb & Ellis Co.
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