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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