MGR Snags Irvine Offices in Second OC Acquisition

MGR Real Estate paid $53.7 million to acquire 2020 Main St. in Irvine. The 12-story, 271,000-square-foot A office building is located within the Irvine Concourse, a master-planned office development. The vacancy upon close of escrow was at 66% and MGR has signed approximately 27,000 SF of new deals since closing.

The deal marks MGR’s second major office acquisition in Orange County and reportedly is the largest office acquisition in Orange County year to date. In July 2023, MGR acquired the five-building, 553,000- square foot creative office campus Canvas Costa Mesa for $91.5 million.

“We will continue to be bullish on the office market and look forward to our next acquisition in Orange County,” said MGR CEO and founder Michael G. Rademaker. “If you look at the traffic on the freeways, you can see that people are starting to return to office, which is contrary to what has been published about office buildings in the news media.”

The seller, PGIM, purchased 2020 Main St. in 2001 from the original developer, Opus. Hankey Capital provided MGR with a $33-million acquisition loan for the acquisition. MGR’s Rademaker, James Meyer and Tony Hermosillo brokered the sale on behalf of the buyer, and Eastdil Secured’s Justin Shepherd, Adam Edwards, and Bailey Bland represented PGIM.