Kelemen Plans to Convert SoCal Offices Into Medical Space
The conversion will span about one-third of the company’s Atrium building in Irvine
By Nick Trombola December 12, 2024 4:08 pm
reprints
A Southern California investment and property management firm is converting office space in its backyard into … a different type of office. Medical offices to be exact.
Irvine-based The Kelemen Company has entitled just over 115,000 square feet, about a third of the space in its 335,124-square-foot Atrium twin office towers at 19100 Von Karman Avenue in Irvine, to medical use. Kelemen acquired the 10-story towers in 2018 from an affiliate of Barings for about $107 million. The building is the headquarters of Index Fund Advisors, and tenants include the Orange County Community Foundation.
The firm said that it embarked on the conversion to address demand for quality medical spaces in the region, and it intends the soon-to-be transformed portion of the Atrium to attract a variety of health care providers. The building is about a block north of the University of California, Irvine’s 144-bed acute care hospital.
“This entitlement not only supports the expanding health care sector but also reinforces our dedication to improving our community’s overall quality of life,” Kelemen Company CEO Tibor Kelemen said in a statement.
The conversion project isn’t the only bit of office news in Orange County for the Kelemen Company lately. The firm, in a joint venture with Kingsbarn Realty Capital, paid $27.5 million in October for a roughly 185,000-square-foot office property in Tustin from Sagard Real Estate.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
