|
contents | business | |||||||||
| Hines/Oaktree venture acquires Bay Technology Center in Irvine, CA The Irvine office of Hines, the international real estate firm, announced that Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. recently acquired Bay Technology Center in Irvine, CA, 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 percent 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. Oaktree Capital Management, L.P. is a leading global investment management firm focused on alternative markets, with $78.7 billion in assets under management as of June 30, 2012. Headquartered in Los Angeles, the firm has over 675 employees and offices in 13 cities worldwide. write your comments about the article :: © 2012 Construction News :: home page |