Skyline Group Acquires Ford-Leased SoCal Office Campus for $159M
By Greg Cornfield September 1, 2021 1:28 pm
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The latest big office deal for Southern California landed in Orange County.
Taiwan-based Skyline Group International acquired Glen Bell Way, a Class A office and research and development campus with 273,180 square feet in Irvine, Calif., according to Newmark (NMRK), which brokered the deal but declined to reveal the seller or value. The campus is fully leased to Ford Motor Company and Yum! Brands, which operates fast-food chains KFC, Pizza Hut and Taco Bell, among others.
Property records show the campus was owned by LBA Realty, and a source familiar with the deal told Commercial Observer it was traded for $159 million. LBA acquired the property for $104 million in August 2018.
The project features three structures in the city of Irvine: 1 Glen Bell Way, a five-story, steel-frame office building; 3 Glen Bell Way, a concrete research and development headquarter building; and 5 Glen Bell Way, a four-level parking structure. The property also includes 91,457 square feet of remaining entitlements that can be utilized for future expansion.
Irvine has become one of Orange County’s prominent office markets. Newmark forecasts deal activity to ramp up in the second half of the year. Newmark’s Kevin Shannon said private capital like Skyline Group International have dominated the buyer landscape for Orange County office trades this year.
Shannon, Paul Jones, Ken White, Brunson Howard and Brandon White represented LBA Realty. Newmark’s Alex Foshay sourced Skyline Group International.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
