NGKF Closes Sale of Irvine Office Asset
- Jan 19, 2017
Irvine, Calif.—NGKF Capital Markets completed the sale of 18401 Von Karman Ave., a Class A office property located in the heart of the Irvine Business Complex. Paul Jones, Kevin Shannon, Blake Bokosky and Rick Stumm of NGKF Capital Markets represented the institutional seller.
Built in 1985, the five-story, 114,296-square-foot asset houses a mix of tenants including RSM McGladrey, IBI Group, Fragomen Worldwide and Harbottle Law Group. The building offers contemporary interior finishes, ample surface and structured parking, abundant landscaping with outdoor seating areas and highly visible corporate signage opportunities.
This sale represents the third office investment transaction by the NGKF Capital Markets team within the Greater Airport market over the past several months. In September, the team closed the sale of 17911 Von Karman, a 103,620-square-foot office building located in Irvine. In October, NGKF facilitated the sale of Newport Irvine Center, a 75,694-square-foot asset situated in Newport Beach.
“The 18401 Von Karman building offered the buyer the opportunity to expand its holdings from two to three properties within the Von Karman Towers Office Park,” said Jones, senior managing director, in prepared remarks. “This asset allows the new ownership to strategically target tenants looking for space in a mid-rise building versus their two existing high-rise towers directly across the central courtyard.”
Image courtesy of Yardi Matrix