COSTA MESA, CA—Prudential Real Estate Investors in a joint venture with McCarthy Cook & Co. has acquired MetroCenter at South Coast, an office campus built on 15 acres with three 12-story office towers and a three-story health club. Terms of the transaction were not disclosed.
Situated near the coastal residential communities of Newport Beach, Laguna Beach and Corona del Mar, the MetroCenter is within short walking distance to Orange County's high concentration of luxury retailers, upscale restaurants, art and entertainment venues and high-quality hotels.
McCarty Cook is a real estate investment and development firm specializing in office, life science and mixed-use real estate assets, the company announced today. Prudential Real Estate Investors, operating on behalf of institutional investors, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), and operates as Pramerica Real Estate Investors in markets outside the Americas, Korea and Japan.
The joint venture intends to renovate MetroCenter by adding on-site amenities including a plaza renovation with collaborative outdoor space and updated lobbies and corridors, and the addition of a conference center, tenant lounge and rooftop decks.
McCarthy Cook & Co., which formerly owned and is headquartered at MetroCenter, will serve as the property manager and leasing agent.
"With projections for outsized employment growth relative to the nation and limited new office construction, we believe Orange County's office market has considerable room to grow before approaching pre-recession peaks," said Kevin Smith, head of the Americas at PREI. "We are pleased to partner with McCarthy Cook & Co. to transition MetroCenter into a more dynamic, amenity-rich workplace for current and prospective tenants, while also providing our clients with an investment opportunity that capitalizes on the area's rapidly improving economic fundamentals."
Edward Cook, co-CEO with Tom McCarthy of McCarthy Cook, said, "We are thrilled to have the opportunity to partner with PREI to transform an extremely well-located property into an inspiring campus where people can work together in a collaborative indoor and outdoor environment. We think the new MetroCenter will set the standard in Orange County as the office location where successful firms choose to locate."
Since being founded in 1995, McCarthy Cook & Co. has completed approximately $4.5 billion in transactions representing approximately 10 million square feet of commercial office and mixed-used projects.
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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.
