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California  + Orange County  + Office  | 
LeFrak, CBRE Complete Two Jersey City Leases

Office Sales Set Records in 2017

Investors are acquiring office buildings and commercial real estate complexes at a record-setting pace at valuations not seen before. JLL reports that through the first nine months of the year, $1.92 billion worth of Orange County office space traded hands in 34 transactions.

That breaks the previous record set in 2015 of $1.7 billion and the $286 average price-per-square-foot shattered 2008’s level of $282. Volume increased 88% and it marks the third straight year above $1 billion, topping the previous high volume set in 2015.

The largest transaction in 2017 included FivePoint Holdings purchase of the one-million square-foot, four-building FivePoint Gateway project from Broadcom in a sale-leaseback deal for $443 million. Broadcom agreed to lease two of the buildings for 660,690 square feet.

JLL’s Jared Dienstag notes that private capital firms are very active in the Orange County market. The growing local economy and favorable market conditions, including low vacancy and rising rents, continue to attract investors.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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