CBRE Arranges Sale of Vacant 70,964 Square Foot Office Building in Irvine, CA

CBRE announced the sale of 17900 Von Karman, a 70,964-sq.-ft. Class A office building in Irvine, California. Wilshire Capital Partners sold the property to an owner-user that intends to occupy shortly after renovations.

Anthony DeLorenzo, Gary Stache, Bryan Johnson, David Dowd and Jennifer Whittington of CBRE represented the seller in the transaction.

“The sale of 17900 Von Karman was a unique opportunity to acquire a Class A low-rise office building in the heart of Orange County’s Greater Airport Area,” said Mr. DeLorenzo, a Vice Chairman at CBRE. “The vacant property attracted multiple competitive offers, strong pricing and sold 26 days after opening escrow, which showcases the ongoing strength of the owner-user office market in Southern California.”

Situated in a corner lot fronting Von Karman Avenue, the building provides high visibility and convenient access to the adjacent freeway I-405. The property consists of three stories and offers high-quality finishes, scalable floorplans, private balcony/patio options and ample parking. It recently underwent interior and exterior improvements totaling $2.7 million. It is located next to the Irvine Concourse offering a wide variety of amenities including restaurants, outdoor seating areas, hotels, banks and the Equinox Sports Club.

The property is in the Irvine Business District (IBD) submarket. As Orange County’s business core, the IBD has a significant rent premium over the rest of Orange County due to its popularity as a business and technology hub. According to CBRE Econometric Advisors, Orange County is projected to add 68,000 new jobs over the next five years.