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Kelemen Buys Irvine Asset for $107M from Barings

The Atrium, a 302,877-square-foot, 10-story trophy office property in Irvine, CA, has traded hands for $106.75 million. The seller was Barings Real Estate, part of Barings LLC, acting on behalf of institutional investors. The buyer was Irvine, CA-based Kelemen Company.

Located on 6.12 acres at 19100 and 19200 Von Karman Ave., the 90%-leased property was built in 1986 and underwent an extensive renovation in 2015. The $5.3-million capital improvement program included upgrades to an enclosed 10-story atrium lobby, common areas, exterior courtyards, restrooms and elevator cabs and lobbies.

NKF Capital Markets’ Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky represented the seller. The buyer was self-represented.

Jones says, “The Atrium was an excellent market-to-market opportunity in a uniquely designed building attracting both traditional and creative tenants. The new ownership is planning an extensive interior and exterior renovation, which will further push market rents at the property.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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