Kilroy Realty Closes $116M Orange County Office Deal
- Oct 29, 2019
Kilroy Realty Corp. has sold 2211 Michelson, a Class A, 271,556-square-foot building in Irvine, Calif., for gross proceeds of $116 million. According to Yardi Matrix data, the asset last traded in 2010, when KRC acquired the building for $103 million from Hines.
By selling its only Orange County property, the company completed its 2019 capital recycling program that started in June with the disposition of 2829 Townsgate. KRC intends to use the proceeds to fund new developments, close potential acquisitions and pay down debt.
Located at 2211 Michelson Drive, the 1.2-acre property is 2.4 miles west of downtown Irvine, close to Interstate 405. The office building is situated less than 1 mile east of John Wayne Airport, while offering easy access to the area’s hotels, restaurants and retail options.
Completed in 2007, the 12-story asset features 23,714-square-foot floorplates and an adjacent six-level parking structure offering a ratio of four spaces per 1,000 square feet. Designed by DMJM, 2211 Michelson is the first LEED Silver certified multi-tenant building on the West Coast. The property is 93.7 percent leased, per Yardi Matrix data. The tenant roster includes WeWork and Brom International.