Easterly Government Properties Buys SoCal Office for $31M
By Nick Trombola October 10, 2023 3:46 pm
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Easterly Government Properties has purchased a four-story, Class A office building in Anaheim, Calif., brokers at Cushman & Wakefield (CWK) announced Tuesday.
Dubbed 1065 Link after its address, the 95,371-square-foot building was acquired for $31.2 million, or approximately $327 per building square foot. Oaktree Capital Management and Hines co-owned the site, records show.
The site partly comprises Link OC, a larger mixed-use development property, and is 100 percent leased to the State of California, according to Cushman & Wakefield.
Jeffrey Cole, vice chairman for Cushman & Wakefield, led a team that represented the sellers.
Built in 1991, the property completed interior renovations in 2020 and is located next to the Anaheim Canyon Metrolink station.
Although office leasing activity has slowly improved in Orange County this year — thanks in part to a large lease from outfitters Boot Barn last quarter — the market is still well below pre-pandemic levels. For example, One Pacific Plaza, a nearly 400,000-square-foot office complex in Huntington Beach, sold for $42 million last month, 66 percent less than what sellers Pendulum Property Partners bought it for five years ago.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
