SANTA ANA, CA-The Irvine, CA, office of international real estate firm Hines and a subsidiary of a real estate fund management by Oaktree Capital Management L.P. have acquired Irvine Corporate Center, an office building within the Irvine Business Complex, for a price undisclosed to GlobeSt.com. The purchase from Sunamerica Life Insurance Co. is a 126,622-square-foot building at 1821 E. Dyer Rd., southeast of the 55 Freeway near John Wayne Airport.
The property features a two-story, glass façade entryway and lobby with large flexible floorplates and 9-ft. ceilings throughout. Due to the flexibility of the building, the property can accommodate office, laboratory and manufacturing tenants ranging from 15,000 to 126,000 square feet.
Hines is planning extensive improvements to the property, including renovations to the exterior façade, renovation of the lobby and restrooms and upgrades to the landscaping, HVAC systems and parking.
According to Hines' managing director Ray Lawler, “This is Hines' 10th acquisition since our entry into Orange County in 2005, and we remain focused on growing our Orange County portfolio. With our upgrade plans for the property and the area's overall improving market fundamentals, we expect Irvine Corporate Center to continue to be a desirable place for business.”
Brokers representing the seller were Jeffrey Cole and Ed Hernandez from Cushman & Wakefield.
As GlobeSt.com reported in October, some 32 institutional-quality office assets in Las Vegas, part of the Summerlin portfolio, are now in the hands of a JV between Hines and funds managed by Oaktree Capital Management LP. General Growth Properties was the seller.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
