(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for $24.1 million, or approximately $295 per square foot.)
Irvine, CA (December 20, 2021) — Newmark announces it has arranged the sale of Sky Park, an 81,551-square-foot, three building office campus in Irvine, California.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul
Jones and Sean Fulp, and Director Brandon White represented the seller, The Koll Company. The buyer was a private family office.
“Sky Park is a quality low-rise project located within Irvine’s strong office market that underwent a recent capital improvement investment,” said Jones. “The buyer views the property as a steady cash flow investment that they plan to hold long term as an asset for future generations.”
The property, originally developed in 1975 by The Irvine Company and extensively renovated in 2019, is located within a serene setting surrounded by a greenbelt perimeter and situated on a single parcel totaling five acres. Sky Park provides immediate access to the San Diego (I-405), Costa Mesa (SR-55) Freeways and the San Joaquin Hills Transportation Corridor (SR-73), allowing for convenient commutes to all of Southern California.
White added, “Sky Park has proven to be a historically well-occupied office building with a diversified rent roll that with recent capital infusion will continue to remain competitive for years to come.”
The property is within walking distance to numerous amenities at The Square, offering over 16 shops and restaurants, as well as The Irvine Concourse, which features abundant eateries and an Equinox Sports Club.
The Orange County office market is poised for a post-pandemic recovery given its strong demographics, growing tech base and diverse occupancy pool that spans multiple industries, according to Newmark Research. Sublet availability in the market has likely peaked, and leasing fundamentals are expected to improve later this year into 2022 as employees return to the office and more companies begin to execute on long-term real estate needs.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.
