Orange County Footprints Shrink Amid Space Re-evaluations

Company layoffs paired with uncertainty around real estate needs caused occupiers to either sign early renewals or re-evaluate space needs and decrease Orange County office footprints in the fourth quarter, according to CBRE research. Along with that theme, a multi-tenant office building in Laguna Woods recently sold to Healthcare Realty Trust, a Nashville-based real estate investment firm, for $13.1 million.

Located at 24361 El Toro Rd., the 52,448-square-foot property was originally built in 2001 on a 2.1-acre corner lot. The two-story freestanding building features 171 parking spaces and suites ranging from 800 to 5,204 square feet. The property was 89 percent leased to a diverse mix of medical and professional tenants at the time of sale.

The building sits within two miles of both I-5 and SR 73. The site is five miles from Irvine Spectrum Center, a popular Southern California entertainment and shopping destination.

CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Keith Black represented the seller, a private local investor, in the transaction. The buyer was self-represented.

“Orange County’s low-rise office product has experienced robust growth, outpacing high-rise product in the last decade,” said DeLorenzo.

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