CBRE Investment Management has sold 2600 Michelson, a 310,925-square-foot office building in Irvine, Calif., for $42 million. Southern California-based Gaines Investment Trust bought the property, according to Orange County Business Journal. A CBRE Investment Properties team represented the seller
CBRE IM had acquired the property in 2017 from Dune Real Estate Partners, with the help of a $72.4 million permanent loan originated by PNC Bank, CommercialEdge data shows. At that time, the office building traded for $120 million.
A LEED Gold-certified office property
Located at 2600 Michelson Drive on a 4.6-acre site in the Irvine Business Complex, the property is near Interstate 405 and John Wayne Airport. Tustin train station is 4 miles away.
Completed in 1986, the Class A asset rises 16 stories. The office building underwent recent renovations that focused on upgrading the lobby area, as well as adding EV charging stations, a conferencing facility and a fitness center.
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The LEED Gold-certified property also features an adjacent five-story parking structure with 1,013 spots. Its tenant roster includes Jacobs, Zillow, Staff Group West and Providence Wealth Management Group – Ameriprise Financial Services LLC, according to CommercialEdge information.
CBRE Vice-Chairmen Anthony DeLorenzo and Todd Tydlaska, together with Executive Vice President Sean Sullivan, First Vice President Sammy Cemo, Director Bryan Johnson and Broker Grant Goldman, negotiated on behalf of the seller.
DeLorenzo, Cemo and Johnson were also instrumental in the recent sale of a 185,180-square-foot office property in the nearby Tustin. The asset traded for $27.5 million, 14 percent less than its previous selling price.
