An office building totaling 36,104 square feet at 4980 Barranca Parkway in Irvine has been sold by Anchor Health for $24.25 million. The sale reflects a price of approximately $671 per square foot. The transaction was brokered by representatives from Colliers and CBRE, with Mark Schuessler, Sean Fulp, Jordan Garcia, and Blake Hammerstein of Colliers, and John Scruggs of CBRE, representing the seller. Jason Roth of Colliers served as the mortgage broker.
According to the official transaction details, the property consists of a multi-story office building located on Barranca Parkway within the Irvine office market, but additional lease or occupancy information was not disclosed. The property is situated with access to major routes in the region, supporting connectivity to surrounding business and service sectors.
The sale adds to a string of recent office transactions across Irvine, highlighting shifting market dynamics. As The Registry reported, a 40,135-square-foot corporate headquarters at 9012 Research Drive sold for $11.04 million—or about $275 per square foot—after a prolonged marketing period. The transaction represented a considerable discount from the original $15.05 million asking price. Located in the Irvine Spectrum submarket, the building offers higher-than-average parking ratios and was constructed in 2001, catering to tenants seeking modern layouts and accessibility features. These deals suggest a bifurcated market, with pricing driven by tenant occupancy, location, and long-term repositioning potential.
Industry reports note that the broader Orange County office market entered a transitional phase in Q2 2025, reflecting both headwinds and underlying stability. After a full year of gains, the vacancy rate rose by 70 basis points to 19 percent, reversing much of the recent progress. Net absorption followed suit, with 581,000 square feet of space returned to the market—effectively erasing the occupancy gains made over the past four quarters. Despite this softening, the leasing environment remained active, with 1.6 million square feet of newly signed deals—marking a 21 percent increase quarter-over-quarter and pointing to sustained tenant demand. Meanwhile, the development pipeline continued to show confidence in long-term demand, with 199,000 square feet under construction across two projects slated for delivery by year-end. Sublease availability also trended downward, falling to 2.7 percent, a 180 basis point improvement from its five-year peak—indicating that many tenants may be moving past the downsizing phase. Together, these indicators suggest the market is undergoing a realignment rather than a retrenchment, with conditions poised to stabilize as the year progresses.
