Goldman Sachs JV Pays $83M for Orange County Office Campus

The five-building property—encompassing more than 300,000 square feet of Class A office space—last changed ownership in late 2005 for $68 million.

A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and Pendulum Property Partners has acquired Axis, a 301,761-square-foot Class A office campus in Anaheim, Calif., for $83.1 million, according to Yardi Matrix. The seller, The Seligman Group, had purchased the five-building asset in October 2005 for $68.2 million.

Located at 2390 E. Orangewood Ave and 2121, 2150, 2170 and 2190 S. Towne Centre Place in Orange County’s Platinum Triangle submarket, the campus is positioned between Interstate 5 and the Orange Freeway. The property is home to a variety of tenants, including Climatec, The Orange County Register, Easterseals and Real Estate Trainers. The asset had a weighted vacancy rate of 21.1 percent, per Yardi Matrix data.

“Axis is located in an emerging live-work-play location reflective of the type of projects we seek to acquire,” said Joseph Sumberg, co-head of GSAM PRE, in a prepared statement. “We believe tenants appreciate the central location of the Platinum Triangle, which provides employers access to significant and varied employee bases, and is developing an identity as a highly amenitized commercial and residential hub, as evidenced by the recent and planned multifamily and mixed-use development.”

In December, Goldman Sachs picked up a 65,000-square-foot office in Portland, Ore., for $25.7 million. The sale price was more than double the seller’s initial investment in the asset.

Images courtesy of Yardi Matrix