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.