Hines Sells Trophy SoCal Office Campus for $235M
The global firm recently completed a $27 million renovation at the 454,000-square-foot campus
Global development and investment firm Hines has completed the largest office deal in Orange County, Calif., this year, by unloading a trophy campus called Intersect for $235.25 million.
MetLife Investment Management (MIM) and PGGM acquired the 15-acre site in Irvine, according to JLL (JLL), which announced the deal and represented the seller. It’s among the most prominent office properties in Orange County.
Allianz Real Estate provided a 10-year, fixed-rate acquisition loan of $117.63 million.
The four-building creative campus totals 453,975 square feet and is currently 85 percent leased. Hines recently completed a $27 million renovation after acquiring the site in 2015 for $121.5 million
“MIM was drawn to Intersect as an attractive investment through our pursuit of differentiated assets within their competitive markets alongside a backdrop of a growing technology presence as found in Orange County,” MIM’s Michael Vogt said in a statement.
The four buildings are at 17875-17877 Von Karman Avenue and 17838 and 17872 Gillette Avenue in the Orange County Airport Area submarket, less than three miles from John Wayne Airport and about a half-mile from the 405 Freeway. The campus includes a fitness center, food trucks, wellness trails, an auto spa, private tenant terraces and patios, and underground and structured parking. The property also features a 2-acre courtyard with a game pavilion, an urban garden, a farmers market, and recreation space. The Hangar 24 Brewery opens onto the courtyard with indoor and outdoor dining.
JLL’s Michael Leggett, Blake Bokosky, Mark DeGiorgio and Nicolai Waner represented the seller, while Kevin MacKenzie, John Chun and Samuel Godfrey arranged financing.
Hines has approximately $90.3 billion in investment assets under management. Since being founded in 1957, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world.
Gregory Cornfield can be reached at email@example.com.