Hines/Oaktree Ventures acquires Bay Technology Center in Irvine, CA
Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management has acquired Bay Technology Center in Irvine, California from Arden Realty, a GE Capital Real Estate Company.
The two-building, 114,051-square-foot office complex is situated within the Irvine Business Complex in the Orange County Airport area, directly adjacent to Alton Corporate Plaza, which the partnership recently acquired.
The brokers representing the seller were Bob Smith, executive vice president; Paul Jones, vice president; and Karen Scholte, client services coordinator, all from CB Richard Ellis.
Bay Technology Center comprises: 16800 Aston, which contains two stories and 48,943 square feet; and 16802 Aston, which contains two stories and 65,108 square feet. Both buildings were completed in 1985. The property is currently 15 per cent leased.
Planned improvements for the property include renovation of the lobbies and preparing the vacant space for lease. Given the geographic proximity and shared property line, ownership will combine Bay Technology Center and Alton Corporate Plaza to create a campus-style atmosphere consisting of the four buildings, inter-connecting walkways and attractive landscaping throughout. The total campus will consist of more than 315,000 square feet, providing space options to a wide range of tenants both large and small.
Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, says: "This is Hines' ninth acquisition since our entry into Orange County in 2005 and we remain focused on growing the Orange County portfolio. Bay Technology Center will be added to our existing and adjacent Alton Corporate Plaza campus, where we can accommodate tenants from 7,000 to 225,000 square feet."
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