California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Repositioned Irvine Offices Achieve High Price Per Square Foot
Cushman & Wakefield represented J+R Group in the sale of 2525 Main St., a 143,269-square-foot office property in Irvine. The Orange County Airport Area property was nearly 98% leased to nine tenants upon buyer selection. The property sold for $37.6 million to Pacific Tree Capital, an Orange County-based private family.
The property’s sales price of $262 per square foot places it among the highest prices per square foot for a multi-tenant Orange County office building post-pandemic, according to Cushman & Wakefield tracking.
Cushman & Wakefield’s Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller with the firm’s Southern California offices represented the seller. J+R Group invested significant capital into all aspects of the project, including all common areas, tenant spaces, a six-story parking garage and approved residential entitlements on excess land.
“This transaction is proof that a well-thought-out, modern repositioned office asset can attract discerning tenants in a challenging office market,” said Cole.
- ◦Sale/Acquisition
