KBS Nabs $147M Orange County Office Tower

The new owner of City Tower is set to embark on a renovation program that includes upgrading the exterior and the addition of a fitness center.

City Tower in Orange, Calif.
City Tower in Orange, Calif.

KBS Strategic Opportunity REIT has acquired City Tower in Orange, Calif., from Torchlight Investors. The 431,000-square-foot Class A office building changed hands for $147.3 million.

Located at 333 City Blvd. W., the asset is situated at the connection of the 57, 22 and 5 freeways. Built in 1988, the 21-story City Tower is LEED Gold certified and was renovated during a two-year period that began in 2015. It’s the tallest office building in the city, and on-site amenities include a six-level parking structure, café and Zagster bike service.

KBS is planning improvements to the property, including updates to the exterior entrance and lobby, the addition of an indoor/outdoor tenant lounge and a new fitness facility complete with locker rooms, showers and towel service.

Ideal location

City Tower’s prime location makes it within walking distance of The Outlets of Orange, offering a variety of retail, dining and entertainment options, as well as Angel Stadium, Honda Center, the Grove of Anaheim and Disneyland Resort and Theme Park.

“City Tower’s location makes it particularly appealing to companies and employees within the Orange County area, given its accessibility to businesses, residential space and recreational opportunities,” Shep Wainwright, KBS senior vice president, said in a prepared statement.

Earlier this month, KBS acquired Marquette Plaza, a 523,000-square-foot Minneapolis office tower

Image via Google Street View