CBRE Negotiated $13 Million Sale of Office Building in Irvine

CBRE arranged the $13 million sale of 17101 Armstrong in Irvine, Calif., to a municipal owner-user. CBRE Investment Properties' Anthony DeLorenzo, Sammy Cemo and Bryan Johnson, and Carter Haslam represented the seller, RGP, in the transaction.

"This was a great result for both parties, which provided for the seller to downsize and reduce their real estate footprint, and for the buyer the ability to occupy a strategically located asset within the Irvine Business Complex for years to come," said Mr. DeLorenzo, vice chairman at CBRE. "We are seeing strong demand from owner-users looking to expand their footprints into quality real estate within Orange County and Southern California."

The two-story low-rise building is 57,301 sq. ft., surrounded by 167 parking stalls. Built in 1982, it sits on a 2.49-acre corner lot at Armstrong Ave. and Kettering Street. The property has easy access to Interstate 405 and State Route 55.

Over the last decade, low-rise office product growth has out-paced high-rise projects in vacancy compression and rent growth. According to CBRE research, direct vacancy for low-rise offices in Orange County was 10.6% in Q2 2024.