Hines Global REIT has acquired 2300 Main, a five-storey, Class A office building located in Irvine near the John Wayne Airport.
The property is 100 per cent leased on a long-term basis to United Healthcare Services, a subsidiary of UnitedHealth Group.
The 132,064-square-foot building is located on the corner of Main Street and Von Karman Avenue within the Irvine Business District submarket, widely considered Orange County's downtown. 2300 Main was completed in 2002 and has been occupied by United Healthcare ever since.
"We were attracted to this property because of the high-quality tenancy, the premium location and the projected Orange County market recovery," says Sherri Schugart, president and chief executive of Hines Global REIT.
Hines managing director Ray Lawler says: "This acquisition provides Hines Global REIT with an opportunity to take advantage of one of the strongest growth markets in the US. The quality of this location and building make 2300 Main a great addition to Hines Global REIT's existing Orange County portfolio."
Designed by Langdon Wilson, the building's exterior is comprised of precast concrete panels, high-performance vision/spandrel glass and a custom metal canopy over the entry. A six-story parking structure and surface stalls provide parking for 544 vehicles. Hines will manage 2300 Main Street on behalf of Hines Global REIT.
CBRE represented the seller, Von Karman-Irvine Associates, in the transaction.