18201 Von Karman Ave, Irvine, CA, 92612-1000, US

18201 Von Karman

Asset Description

JLL, as exclusive advisor, is pleased to present the outstanding opportunity to acquire 18201 Von Karman, Irvine, CA (the “Property”), an 11-story institutional quality Class “A” office building. 18201 Von Karman totals 234,400 SF and is currently 55.1% leased to a dynamic mix of high-quality corporate tenants. With its strategic location in the heart of the Irvine Business Complex (IBC), the Property benefits from high corporate visibility and a 2-3 minute walk to 10 restaurants, a food hall, and a state-of-the-art health club, as well as a 3 minute drive to John Wayne Airport and the San Diego (I-405) Freeway. With its uniquely identifiable architecture and its amenity rich campus environment, 18201 Von Karman presents the exceptional opportunity to own an institutionally managed asset in Orange County’s leading office submarket at a substantial discount to replacement cost. As the leasing momentum picks up in Tier 1 and 2 assets across the Orange County office market, 18201 Von Karman continues to capitalize on significant rent growth.

...

Attributes

Building area net

234,400 sf

Occupancy

52%

Year built

1985

Media

Investment Highlights

IMMEDIATE VALUE-ADD OPPORTUNITY

At 55.1% leased, the Property provides an immediate value-add opportunity to grow NOI through strong leasing momentum and reset the assets basis. The property is strategically located in a high barrier to entry submarket with average occupancy of over 85% in the Creative Office space, and 76% in the Commodity Office space, making this a rare opportunity to own a Class A asset in a competitive subset. The opportunity to reposition over 100,000 SF of space provides significant upside and income growth to new investors, while meeting the market’s demand for amenity-rich office space. New ownership will also capture 3,000+ SF in additional BOMA space within the hold period.

SUPERIOR OFFICE CAMPUS ENVIRONMENT

18201 Von Karman is located within the 1.1 million SF, 5.62-acre Von Karman Towers–one of only five true office campuses in the highly desirable Airport Area submarket. The development contains several highly desired features including award winning landscaping, multiple courtyards providing outdoor seating options, and free flowing water features throughout its expansive campus layout. The parking structure at 18201 Von Karman sits directly adjacent to the building, giving the tenants at the building easy access to the 936 parking spaces reserved for the project. Additionally, 18201 Von Karman benefits from outstanding regional access from the nearby I-405, SR-55, and SR-73 Freeways and is located less than one-half mile from John Wayne Airport.

SIGNIFICANTLY BELOW REPLACEMENT COSTS

The Property provides investors the opportunity to acquire an institutional quality asset in a premier location at an extremely attractive basis, estimated to be about a 67% discount to replacement cost. Additionally, the new basis will be able to compete, on both quality and economics, with its competitive set.