MicroVention, a neuroendovascular medical device company, acquired 45 Enterprise, a 242,706-square-foot high-rise office building in Aliso Viejo, for $42.25 million, or $183 per square foot. CBRE’s Carol Trapani and Allison Kelly represented MicroVention. Newmark’s Kevin Shannon, Rob Hannan, Paul Jones, Ken White and Brandon White represented the seller, Pacific Life Insurance Company. The property is adjacent to MicroVention’s headquarters.

“MicroVention secured the asset well below replacement cost, which will ensure the potential for their long-term growth while locking in a low occupancy cost for the long term,” said Trapeni. Added Jones, “With the displacement of office product and lack of institutional investors, full or partial owner-users are seeing tremendous buying opportunities in today’s market.”

45 Enterprise is a nine-story, vacant building built in 2007 and renovated in 2022. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, building signage and a parking ratio of 4.6 spaces per every 1,000 rentable square feet. The property is adjacent to State Route 73 and near Interstate 5, providing connectivity throughout Orange County and the entire Southern California region.