IRVINE, CA—Financing for a $100 million deal GlobeSt reported on last week—the acquisition of Quintana Office Campus—was financed with arrangements made by New York Life Real Estate Investors.
The floating rate debt package has a total available term of five years and will finance the acquisition, redevelopment and re-tenanting of the property. Holiday Fenoglio Fowler (HFF) worked on behalf of Hines, which acquired the asset in August 6.
Quintana is prominently situated in a high profile location at the intersection of Main Street and Von Karman Avenue in the heart of the Irvine Business Complex. One of the four buildings that comprise the campus is currently 100% leased to StrataCare, a wholly-owned subsidiary of Xerox Corporation. The remaining three buildings are vacant. Each of these buildings are institutional-quality, steel-framed, four and five story buildings in the core Airport Area submarket of Orange County. Quintana, a 421,935-square-foot, modern class A campus, represents the largest block of contiguous office space currently available for a large user in Orange County and the only remaining big block in the Airport Area.
“This financing was a creative solution for a strong sponsor, secured by a solid office property in a rapidly improving market. We were very pleased to work with the HFF and Hines,” said Kirk Kniss, New York Life Real Estate Investors senior director who manages the San Francisco regional office.
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.
