TP-Link Systems Buys SoCal Office for New Global Headquarters
By Nick Trombola September 26, 2024 2:44 pm
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Networking device provider TP-Link Systems has a new global headquarters in Southern California after buying a Class A office building in Orange County for $40.6 million.
The company acquired the three-story, 157,455-square-foot building at 5 Peters Canyon Road, dubbed Jamboree Business Center, from a joint venture between Irvine-based Pendulum Property Partners and GEM Realty Capital, according to property records.
CBRE (CBRE) had a hand in both sides of the negotiating table. The firm’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd represented the JV in the deal, while Eric Purmort represented TP-Link. The property, built in 2000 on about 9.6 acres, was 87.9 percent leased at the time of the sale, according to CBRE.
“Demand for Class A office buildings at competitive pricing levels remains high for owner-users,” Purmort said in a statement. “The property’s location also offers excellent connectivity to the surrounding areas, like the Irvine Business Complex, as well as central and south Orange County, making it an ideal site for the company to retain and recruit for its growing workforce.”
Representatives for Pendulum and GEM did not immediately respond to requests for comment.
Although office vacancy is not nearly as high as Greater Los Angeles’ 23.3 percent, vacancy in Orange County still rose 40 basis points this past quarter to 14.7 percent, according to a second quarter market report from CBRE. Yet the quarter did finally see a jump in office construction activity, with the 168,000-square-foot first phase of the OCVibe project breaking ground, after zero construction or deliveries in the county since the first quarter of 2023, per CBRE.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
