Newmark Capital Markets has completed the $147.25 million sale of City Tower, an iconic Class A, 20-story, 435,177-square-foot high-rise office building in Orange, CA. City Tower is adjacent to the UC Irvine Medical Center and is the tallest building in the central Orange County submarket and the third tallest in Orange County.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Paul Jones, Executive Managing Director Sean Fulp and Director Blake Bokosky represented the seller, Torchlight Investors. The buyer, KBS Capital Advisors, was self-represented.
“Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our Newmark Capital Markets team secured a strong price of more than $338 per square foot for this asset. That price is testimony to investor confidence in the submarket as well as the value in this core, high-image office tower.”
Built in 1988, City Tower is situated on 4.92 acres at 333 City Boulevard West and includes an on-site café an adjacent six-level parking structure. It is also LEED Gold certified. The property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. It is 78 percent leased to a roster of notable tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group.
City Tower provides access and high visibility from three major freeways (57, 5 and 22) and is walking distance to the Outlets at Orange, an 806,000-square-foot dining, shopping and entertainment destination.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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