A partnership between Dune Real Estate Partners and Ocean West Capital Partners has successfully acquired 2600 Michelson in Irvine, CA for $70 million according to a Bloomberg report. The office building was previously owned by MPG Office Trust, the Los Angeles-based landlord formerly known as Maguire Properties.
Russell Gimelstob of Dune Real Estate Partners stated, "We've seen early signs of improvement in the Orange County office market and believe there is significant value in its long-term fundamentals. The structured nature of this transaction highlights the team's ability to capitalize on opportunities at the intersection of the real estate and capital markets."
"2600 Michelson's contiguous upper-floor vacancies, available building-top signage, and 52% occupancy rate – compared to peak rates of 95% in 2007 – present attractive leasing conditions and create a substantial opportunity to re-introduce and reposition the property in the recovering marketplace," said Troy Miller of Ocean West. "We are confident that the combination of Dune's substantial capital markets expertise and Ocean West's prior experience operating and leasing this property will drive value for this investment."
For more news and information visit Blumberg Capital Partners.
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