IRVINE, CA—Capital flows into Orange County office product have increased in 2017, with new investors coming into the local market on a consistent basis throughout this past year, JLL EVP G. Ryan Smith tells GlobeSt.com. As we recently reported, according to a report from the firm, based on properties 50,000 square feet and greater, Orange County office-sales activity in 2017 has set new records based on the first three quarters of a year.
The report reveals that from Q1 through Q3, total sales volume of $1.9 billion broke the previous record set in 2015 of $1.7 billion. Additionally, the 2017 average price per square foot of $286 shattered the 2008 price point of $282.
The largest transaction in 2017 saw FivePoint Holdings purchase the 1-million-square-foot, four building FivePoint Gateway project from Broadcom in a sale-leaseback deal for $443 million ($426 per square foot). Broadcom agreed to lease two of the buildings for 660,690 square feet.
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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.
