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Irvine Office Owner Acquires Adjacent Property
JLL Capital Markets completed the $37-million sale of 18201 Von Karman, an 11-story, Class A office property totaling 234,400 square feet in Irvine. Senior managing director Michael Leggett, senior director Will Poulsen and associates John Rankin and Tim Donald represented the seller, New York Life Real Estate Investors, and procured the buyer, a private local operator.
“18201 Von Karman generated quite a bit of investor interest, ranging from institutional investors to private buyers along the west coast, who saw the value-add potential of the highly amenitized asset,” said Poulsen. “Ultimately, the buyer was the winning bidder given their quick ability to close and their inherent knowledge of the property, as they are the property manager and owner of the three adjacent properties.”
Renovated in 2016, 18201 Von Karman offers tenants 21,000-square-foot average floorplates, a 936-space parking structure and a modern lobby. The property is currently 43% leased to a mix of high-quality corporate tenants.
- ◦Sale/Acquisition
