Global Development and Investment Company hines secured the largest office deal in Orange County, California this year, offloading a trophy campus called To cut for $235.25 million.
MetLife Investment Management (MIM) and PGGM acquired the 15-acre site in Irvine, according to JLL, who announced the deal and represented the seller. It is one of the most significant office buildings in Orange County.
Allianz Immobilier provided a 10-year, $117.63 million fixed rate acquisition loan.
The four-building creative campus totals 453,975 square feet and is currently 85% leased. Hines recently completed a $27 million renovation after acquiring the site in 2015 for $121.5 million
“MIM was attracted to Intersect as an attractive investment due to our pursuit of differentiated assets in their competitive markets in the context of a growing technology presence such as in Orange County,” MIM said. Michael Vogt said in a statement.
The four buildings are 17875-17877 Von Karman Avenue and 17838 and 17872 Avenue Gillette in the Orange County Airport Area submarket, less than three miles from John Wayne Airport and approximately half a mile from the 405 freeway. The campus includes a fitness center, food trucks, wellness trails, auto spa, private decks and patios for tenants, and underground parking and structure. The property also features a 2-acre yard with a play pavilion, urban garden, farmers market and recreation space. The Hangar 24 Brewery opens onto the courtyard with indoor and outdoor dining area.
JLL’s Michael Leggett, Blake Bokosky, Marc DeGiorgio and Nicholas Waner represented the seller, while Kevin MacKenzie, John Chun and Samuel Godfrey financing arranged.
Hines has approximately $90.3 billion in assets under management. Since its inception in 1957, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling more than 511 million square feet. The company currently has more than 198 developments underway worldwide.
Gregory Cornfield can be reached at [email protected].