CBRE announced this week that it had arranged the sale of 17885 Von Karman in Irvine, CA on behalf of funds managed by Oaktree Capital Management, L.P. & Hines. According to a report from the OC Register, the property is part of the Irvine office complex known to many as the Washington Mutual campus. Terms of the deal were not disclosed. Designed by Callison Architecture, Inc., the building was constructed in 2007 and includes striking features such as a modern exterior, first-class interior finishes and virtually column-free floor plates.
"Orange County continues to be an attractive basis market compared to West Los Angeles, Seattle and the San Francisco Bay Area. This sale is still below peak pricing and replacement cost for Orange County unlike core deals in those other coastal gateway markets," said CBRE vice chairman Kevin Shannon, who represented the sellers in the transaction. "The leasing momentum in Orange County Airport submarket has continued to the point where new speculative office space is warranted similar to those other coastal markets as well. Southern California in general has experienced a slower market recovery but is definitely starting to catch up in this cycle to the San Francisco Bay Area and Seattle."
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