Stabilized Multi-Tenant Office Project in Irvine Sells for $37.6 Million

Project Achieves Top Pricing Status in Orange County

Cushman & Wakefield announced that it has represented J+R Group in the sale of 2525 Main Street, a 143,269-square-foot office property on about 3.73 acres in Irvine. The Orange County Airport Area property was nearly 98% leased to nine tenants upon buyer selection. The property sold for $37.6 million to Pacific Tree Capital, an Orange County-based private family.

The property’s sales price of approximately $262 per square foot places it among the highest price-per-square-foot achieved for a multi-tenant office building of over $20 million countywide post-pandemic, according to Cushman & Wakefield tracking.

Prior to the sale, J+R Group had meticulously invested significant capital into all aspects of the project, including all common areas, tenant spaces, a brand new six-story parking garage, and approved residential entitlements on excess land.

Cushman & Wakefield’s Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller with the firm’s Southern California offices represented the seller in the transaction.

“This transaction is proof that a well thought out modern repositioned office asset can attract discerning tenants in a challenging office market. The exceptional common areas focused on tenant amenities along with the future use optionality on the flex portion of the site make for a rare and very attractive investment opportunity in the premier submarket of Orange County,” said Jeffrey Cole, executive vice chairman.

“We witnessed extremely high buyer demand, primarily from the foreign and private high-net-worth buyer type, and benefitted from a competitive process,” added Nico Napolitano, senior director.

2525 Main St. is located in the heart of the Irvine Airport Area, the main corridor adjacent to the 405 Freeway and John Wayne Airport, offering quick access and an abundance of amenities for employees and residents.