Newmark Capital Markets has completed the $120 million sale of 2600 Michelson, a 16-story, 311,000-square-foot office tower in Irvine, CA. The Class A trophy property is 99 percent occupied with major tenants including Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers.
Newmark Capital Markets President, West Coast Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Ken White, Senior Managing Director Brunson Howard and Director Blake Bokosky represented the seller, Ocean West Capital Partners. The buyer, CB Global Investors was self-represented.
Built in 1986 with an extensive renovation that completed last year, the property is situated on approximately 4.6 acres in the Greater Airport Area submarket of Orange County. 2600 Michelson features a polished granite and glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure.
“2600 Michelson was a very rare opportunity to purchase an iconic Class A office tower in the center of the John Wayne Airport submarket in Irvine,” said Jones. The visibility from the 405 Freeway and the 360 degree unobstructed views, in addition to the tremendous upgrades and improvements from the seller, make the property a great long-term hold for new ownership at a discount to replacement cost.”
2600 Michelson is within of the most sought after locations its submarket and is within walking distance to a number of amenities including Houston’s Restaurant, Mother’s Market, LA Fitness, among others. Additionally, adjacent to the property is Central Park West, a new mixed-use urban village and TRADE retail center is a five-minute walk and features more than 30 micro-restaurants, bars and shops. The asset is within one of the region’s most prestigious business hubs and offers easy access to the airport, 405, 55 freeways and SR-73.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark 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 www.bgcpartners.com.