IRVINE, CA—Global management and investment firm Hines has spent more than $100 million to acquire the Quintana Office Campus, a 421,935-square-foot, modern class A office campus in the Irvine Business District.
Cushman & Wakefield and HFF represented Irvine-based seller Menlo Properties in the deal. Cushman & Wakefield's Jeffrey Cole and Ed Hernandez and HFF's Ryan Gallagher, Mike McCann, Derreck Barker, Michael Leggett and Kevin MacKenzie represented the seller.
“The buyer plans to renovate the campus with attractive common areas and amenities to take advantage of the scarcity of large blocks of space and a rapidly tightening Airport Area submarket,” said Cole, a Cushman & Wakefield executive director.
Located at 17875, 17877 Von Karman Avenue and 17838, 17872 Gillette Avenue, the campus consists of four separately-parceled office buildings. The property is adjacent to the busy intersection of Main Street and Von Karman Avenue. Each building surrounds a central courtyard providing a contemporary campus setting with a unique outdoor workspace area.
According to Cushman & Wakefield Research, the Greater Airport Area has accounted for 46.1% of year-to-date leasing activity in Orange County, with a recorded 2,127,999 square feet of year-to-date leasing activity— by far the highest in Orange County.
In addition, the overall vacancy rate in the Greater Airport Area declined 90 basis points from 13.6% to 12.7% over the past 12 months, the lowest since 3Q 2007. Costa Mesa's monthly average asking rental rate of $2.34 full service gross represents an 8.5% increase when compared to the same time last year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
