IRVINE, Calif. –– CBRE arranged the $43.5 million ($382 per square foot) sale of 16355 Laguna Canyon Road, a 113,882 sq.-ft. office building in Irvine, Calif., to Concordia Irvine Holding LLC (affiliated with Concordia University) after receiving multiple offers on the property.
CBRE’s Matt Carlson, Hunter Rowe, Anthony DeLorenzo and Camille Doan represented the seller, 16355 Laguna Canyon Road LLC (affiliated with Chapman University), in the transaction. CBRE’s leasing agents, Alex Hayden and John Scruggs, assisted the team with the transaction. The transaction is one of Southern California’s largest recent office sales and is Orange County’s highest price-per-square-foot trade as of the sale date in 2023.
“This sale demonstrates the enduring resilience of suburban offices,” said Mr. DeLorenzo. “Buyers continue to look at quality real estate in growth locations such as Orange County’s Irvine Spectrum.”
The three-story building sits on 6.61 acres at the Southwest corner of Laguna Canyon Road and Alton Pkwy. Built in 1998, it features a flexible floor plan, patios and balconies and nearly 700 parking spaces. The property is located in the Irvine Spectrum, immediately off Interstate 405 and adjacent to the dense and affluent coastal communities of Orange County.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
