(Save the Date: RealShare Orange County 2012 comes to the Hyatt Regency, Irvine, August 16.)
ORANGE, CA-City Tower, a 20-story class A office building here has immediate availability for users ranging from 838 square feet up to 150,000 square feet, GlobeSt.com has exclusively learned. Leading the leasing efforts for the 413,956-square-foot property is the Jones Lang LaSalle Orange County team of George Thomson, James Estrada and Jay Nugent.
GlobeSt.com learns from Thomson that special servicer Torchlight Investors nominated Terri Riker as the court appointed receiver of the property, which was placed in receivership in June of 2011. The JLL team was hired by Riker who is serving as receiver for the Maguire Properties’ tower. PM Realty Group will continue to provide management services for the building.
Thomson tells GlobeSt.com that current occupancy at the property is 65% and that asking rent is $2.10 per square foot per month. In terms of tenants, Thomson says that potential tenants could include financial service companies, insurance companies, prestigious law firms, banking, education or medical-related firms.
“City Tower has a substantial capital improvement program underway, including a new energy management system, and common area enhancements that reflect City Tower prominence as the finest office project in central Orange County,” Thomson tells GlobeSt.com. “Jones Lang LaSalle was retained to reposition this asset in the competitive environment.”
According to Thomson, the central Orange County class A and B office market consists of approximately 17.5 million square feet of inventory with a current vacancy rate of 18.1%. The class-A office market in Central Orange County is at 20.8% vacancy. “It is this class A inventory which will be the first to recover with the availability of quality large blocks of space ready to accept the larger tenant requirements currently in the market and the dwindling of full floor opportunities in the adjacent Airport Area submarkets.”
City Tower is centrally located with direct access to the 5, 22 and 57 freeways. The property is within walking distance of the area’s premier restaurants, hotels, shopping and entertainment venues. City Tower features a six-level parking structure, on-site car wash/detailing service, lush landscape and conference room facility. Currently, the property is home to several high-profile tenants including UC Irvine, Travelers Insurance, HQ Global Workplaces, Dun & Bradstreet and several prestigious Orange County law firms.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
