NGKF Capital Markets has completed the sale of a five-story, Class A, 103,620-square-foot office property in Irvine, CA. Located at 17911 Von Karman, the property is situated in the Irvine Concourse, a 48-acre, master-planned office park within Orange County’s airport submarket.
Kevin Shannon, Paul Jones, Blake Bokosky, and Robert Griffith of NGKF Capital Markets, represented the institutional seller, as well as the buyer, Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States.
“The 17911 Von Karman building is an institutional quality asset within the heart of Orange County’s most active and coveted office market,” said Paul Jones, senior managing director with NGKF in its Newport Beach office. “This was a strategic acquisition for Manulife as it owns Oracle Tower next door and can benefit from economies of scale from management, leasing, and parking perspectives.”
Built in 1979, 17911 Von Karman underwent a major renovation in 2014 that included the addition of high-end contemporary finishes. The property was 88 percent occupied at the close of escrow by four tenants including KTGY Group, Lineage Logistics, General Electric, and Bosch Home Appliances. Amenities within the Irvine Concourse include dining establishments of McCormick & Schmick’s and El Torito Grill, as well as Wyndham and Embassy Suites hotels and Equinox Fitness Club. Additionally, Park Place, a 2.5 million-square-foot mixed-use project is located less than one-mile from the property and offers an array of dining and shopping amenities.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.