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New York Life Divests Irvine Office Campus for $32M
JLL Capital Markets arranged the $32-million sale of Centerstone Plaza, a suburban office campus totaling 107,028 square feet in Irvine. Senior managing director Michael Leggett, senior director Will Poulsen and director Tim Donald represented the seller, New York Life Real Estate Investors, and procured the buyer, LCBC Development.
Centerstone Plaza is located on 6.77 acres at 4000, 4010 and 4040 Barranca Pkwy in an infill location in Irvine. The property, which was renovated between 2024 and 2025, consists of three two-story buildings that are 92% leased to high-quality tenants, including First Team, Keller Williams, MemorialCare and LifeStance Health. The property is walkable to two onsite restaurants and is surrounded by three major retail centers.
“High-quality suburban office with access to amenities continues to see strong tenant demand and over all outperformance,” said Poulsen. “Centerstone was a strong example of this with 10-year average occupancy of over 90%.”
- ◦Sale/Acquisition
