Hines, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired 17850 Von Karman, a 0.65-acre site located in Irvine's Main Corporate Centre near the John Wayne Airport, on which the firm plans to develop a 242,000-square-foot Class A office building.
Hines acquired the fully entitled parcel from Von Karman-Irvine Associates for an undisclosed amount. CBRE represented the seller in the transaction.
The site is located on the corner of Main Street and Von Karman Avenue within the Irvine Business District submarket, widely considered Orange County's downtown.
Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, says: "We are pleased to have acquired this excellent site in the heart of the Irvine Business Complex. We look forward to delivering an efficient, flexible and high-quality product, and we are excited to be able to capitalise on the ever improving market fundamentals."
"Given the prime location, coupled with the Hines/Oaktree sponsorship, we believe we can attract a lead tenant for our project. We look forward to constructing a building that suits the specific needs of a future user," says Mark Jacobs, managing director for Oaktree.