CBRE Arranged $43.5 Million Sale of Irvine Property

CBRE arranged the $43.5 million sale of 16355 Laguna Canyon Road, a 113,882 sq.-ft. office building in Irvine, Calif., to Concordia Irvine Holding LLC after receiving multiple offers on the property.

CBRE's Matt Carlson, Hunter Rowe, Anthony DeLorenzo and Camille Doan represented the seller, 16355 Laguna Canyon Road LLC, in the transaction. CBRE’s leasing agents, Alex Hayden and John Scruggs, assisted the team with the transaction. The transaction is one of Southern California's largest recent office sales and is Orange County's highest price-per-square-foot trade as of the sale date in 2023.

“This sale demonstrates the enduring resilience of suburban office,” said Mr. DeLorenzo. “Buyers continue to look at quality real estate in growth locations as Orange County’s Irvine Spectrum.”

The three-story building sits on 6.61 acres at the Southwest corner of Laguna Canyon Road and Alton Pkwy. Built in 1998, it features a flexible floor plan, patios and balconies and nearly 700 parking spaces. The property is located in the Irvine Spectrum, immediately off Interstate 405 and adjacent to the dense and affluent coastal communities of Orange County.