17901 Von Karman Avenue, Irvine, CA, 92614, US

Columbia Bank Tower

Description

JLL, as exclusive advisor, is pleased to present the outstanding opportunity to acquire Columbia Bank Tower located at 17901 Von Karman Avenue, Irvine, CA (the “Property”), a 12-story institutional quality Top Tier office building totaling 274,230 SF. The Property is 76% leased today with ±84% of the current roster leased to credit tenants and 94% of the rent roll as been at property for over 10 years.

Columbia Bank Tower is located on the hard corner of Von Karman and Main, with two points of entry, 12 walkable restaurants, a premier lifestyle gym and 894 stalls in the onsite parking garage with direct access via a 2nd floor skybridge. The Property presents investors with the opportunity to purchase an institutionally managed top tier asset with significant in-place cashflow and substantial mark-to-market rent upside in an A+ location with a limited competitive set in a submarket with over 2.7M square feet of diminishing supply.

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Attributes

Building area net

274,230 sf

Occupancy

75.8%

Year built

1985

Year renovated

2021

Floors

Parcel

435-171-18

Land area gross

1.64 acres

Tenants

WALT

3.9 years

Media

Investment highlights

Mark-To-Market Opportunity With In-Place Tenants 30% Below Market Rents
±12 Food & Beverage Options And Premier Lifestyle Gym Within 500 Steps Of The Property
Anchor Tenant Columbia Bank Occupies 42% Of The GLA With A Mandated 5-Day In-Office Work Week
Top Tier Asset In A Supply Constrained Submarket With Over 2.7M Square Feet Of Office Removal
Institutionally Managed With Recent Upgrades And Modernizations With Over $4.5M Spent Throughout The Hold Period
Over 94% of the Tenant Base Have Been at the Building For Over 10+ Years
Competitive Set Rental Rates Have Increased By 24% Over The Last 12 Months
±57% Discount To High-Water Mark Sales For Competitive Set Trades