City Tower is Purportedly the Largest OC Sale YTD

City Tower, a LEED Gold-certified office tower totaling 435,177 square feet in Orange, recently sold for an undisclosed purchase price. However, the transaction has taken the moniker of the largest office sale in Orange County year-to-date. The buyer was Opal Holdings, a New York based real estate investment firm.

Located at 333 City Blvd., the 20-story building was 90 percent leased at the time of sale to prominent tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces.  

Newmark’s Kevin Shannon, Paul Jones, Brunson Howard, Ken White and Brandon White represented the seller, Pacific Oak Capital Advisors.

“City Tower is the premier high-rise office tower in Central Orange County,” said Jones. “Its strong tenancy and WALT, coupled with below market in-place rents, provides the buyer with a secure income-producing asset with limited future capital improvements.”

The property recently underwent a $3 million renovation that included upgrades to the lobby, a fitness center, conference center and building entryway.

“This is yet another example of a family office with a long-term hold strategy buying a high-quality Orange County office asset,” adds Shannon. “We have seen private capital like Opal more aggressively price office assets compared to institutional buyers in Orange County recently.”