Hines Eyes Occupancy Boost Following Latest O.C. Office Purchase
- Sep 08, 2015
Hines recently closed on a large Class A office campus in Irvine, Calif. The international real estate firm worked on the purchase of the Quintana Office Campus with HFF. Although currently undisclosed, the acquisition price was more than $100 million, as indicated by the acquisition financing provided by HFF to the buyer. The funds were sourced from New York Life Real Estate Investors.
The marketing process for the listing was handled by an HFF team that included Senior Managing Directors Ryan Gallagher and Michael Leggett, Managing Director Mike McCann and Associate Director Derreck Barker. A Cushman & Wakefield team consisting of Executive Director Jeff Cole and Ed Hernandez also participated in the marketing process.
Quintana Office Campus’ buildings are located at 17875 and 17877 Von Karman Ave and 17838 and 17872 Gillette Ave in the Irvine Business District. The office complex offers a total of 430,000 square feet of office space located on 15 acres of land in the proximity of the San Diego and Newport Beach/Costa Mesa Freeways, as well as the John Wayne Airport.
Developed over 15 years and completed in 2004, the office complex is set to undergo a number of capital improvements by the new owner. The investment program, estimated to cost Hines around $15 million, is meant to improve the asset and boost the property’s occupancy, currently at just 13 percent.