Family Office Capital Steps Up for Trophy Orange County Office Buy

Glen Bell Way, a class-A 273,180-square-foot office/R&D campus in Orange County’s Irvine Spectrum, recently sold to Skyline Group International. The project consists of three primary structures: 1 Glen Bell Way, a five-story steel frame office building; 3 Glen Bell Way, a one- and two-story tilt-up concrete R&D/office headquarter building; and 5 Glen Bell Way, a four-level 911-stall parking structure.

Newmark’s Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White represented the undisclosed seller. The Taiwan-based buyer was sourced by Newmark’s Alex Foshay.  

“The buyer was familiar with the Irvine Spectrum and realized Glen Bell Way offered a rare and unique opportunity to acquire a class-A asset with strong credit tenancy and an attractive weighted average lease term,” said Jones.

The campus is 100 percent triple net-leased to two tenants: Yum! Brands and Ford Motor Company. Some 91,457 square feet of remaining entitlements associated with the campus can be utilized for potential future expansion/office intensification for 3 Glen Bell Way.

“This is yet another example of family office capital stepping up to acquire a trophy Orange County office building,” Shannon adds. “Private capital, both domestic and foreign, have dominated the buyer landscape for Orange County office trades this year.”