Two Office Buildings in Santa Ana Placed up for Sale for Combined Price of $50.68MM

Santa Ana, Orange County, Newmark, Greenlaw Partners, Walton Street Capital, Park 55

By Catherine Sweeney 

Two buildings that are part of a larger commercial office complex in Santa Ana have recently been put up for sale. According to two separate marketing brochures from Newmark, two office buildings at 1221 and 1231 E Dyer Road are up for sale, with asking prices at $20.3 million and $30.38 million, respectively. For both buildings, the price works out to about $275 per square foot. 

The properties are currently owned by entities linked to Greenlaw Partners and Walton Street Capital, which acquired them in part of a larger deal for $74 million in 2018. In addition to the buildings put up for sale, this deal also included the acquisition of three other buildings. All buildings are part of the larger Park 55 office campus.

The property at 1221 E Dyer Road is a 73,844 square foot building standing two stories, while the 1231 E Dyer Road building is a two-story, 111,454 square foot building. Both buildings sit on 4.9 acres and were constructed in 1985 and 1982, respectively. 

The Park 55 campus also features an onsite coffee shop, multiple outdoor tenant lounge areas and surface parking. The office campus is also within close proximity of various offsite amenities, with various hospitality, office and retail properties neighboring the site. Nearby are also State Route 55 and Interstate 405. 

Greenlaw Partners and Walton Street Capital have also considered other alternatives for the office campus. The Registry previously reported that the two companies have recently submitted plans to the City for a 436,000 square foot industrial redevelopment at the campus. 

The project revolves around demolishing two existing office buildings at the campus to create room for the construction of three industrial structures. These new buildings will encompass impressive areas of 69,300, 47,300 and 59,400 square feet, respectively. The redevelopment plan also includes the addition of new parking facilities, enhanced landscaping and more.