Newmark Grubb Knight Frank (NGKF) has completed the $8.2 million sale of a 35,418-square-foot office building in Irvine, CA.
Senior Managing Director Gary Allen represented the seller, Western Growers Association who occupied the property as its corporate headquarters since it was developed in 1980, and vacated the asset at the close of escrow. The philanthropist buyer, Zion Enterprises, represented itself. Zion Enterprises plans to renovate the space, which will be used by local non-profit organizations including Pacific Symphony and Orange County Music & Arts.
“NGKF’s marketing effort resulted in several qualified and motivated potential buyers,” said Allen. “This sale has allowed Western Growers to unlock significant value to be utilized for the company’s office consolidation project in Irvine.”
Built in 1980, the property is situated on 2.2 acres at 17620 Fitch Avenue and features a brick paved entry opening to a full height glass walled lobby area that leads to four separate suites on two levels, conference rooms, and a café with full kitchen. It is located at the highly-visible corner of Fitch Avenue and MacArthur Boulevard, just one block from the 55 Freeway.
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 12,800 professionals operate from more than 370 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/.