KBS Sells Orange County Office Asset
- Jan 27, 2020
KBS has sold Von Karman Tech Center, a 101,161-square-foot office building in Irvine, Calif. Dayani Partners LLC, a private investor, acquired the Class B asset for $25.4 million in an off-market transaction. The property last traded in 2015, when KBS purchased it for $21.5 million from HighBrook. CBRE brokered the deal on behalf of the seller, while the buyer was self-represented. Greenberg Traurig served as legal counsel for KBS.
Located at 16842 Von Karman Ave. in Orange County within the Irvine Business Complex, the two-story building was developed in 1980 and fully renovated in 2014. The office asset features 50,231-square-foot floor plates and has a parking ratio of 4 spaces per 1,000 square feet. KBS invested $2 million in renovations at the property, which was nearly 90 percent occupied at the time of sale. Most of the space is leased through 2023 and beyond.
Von Karman Tech Center is less than 1 mile from The District at Tustin Legacy, the 1 million-square-foot shopping center and entertainment hub offering numerous shopping and dining options. The 4.6-acre property, located some 1.5 miles northwest of the city center, is roughly 2.5 miles from Interstate 405 and Costa Mesa Freeway. The asset is also less than 2 miles from another office property that traded for $116 million in October.
CBRE’s Anthony DeLorenzo and Gary Stache represented KBS in the sale, while Greenberg Traurig’s Bruce Fischer, Christine Fan and Amanda Kennedy acted as legal counsel on behalf of the seller.