New York Life Insurance Co. Sells on von Karman to Irvine for $ 37 million – Orange County’s Business Journal

Investors at New York Life Real Estate sold an 11-storey office tower, which owned $ 37 million in Ervine, $ 160.17 per square foot, which represents a 55% discount on what the company paid for the building in 2015.

Irvine Greenlaw Partners bought the building with an area of ​​231,000 square feet from New York Life, on Costar Data.

In 2015, New York Life bought Von Karman Towers, located on 18201 Von Karman Ave. In Ervine, for $ 82.5 million, or $ 356.97 per square foot.

The Jll Capital Markets team was the New York Life in the deal, as senior managing director Michael Legti, senior director Will Poulsen and associates John Rankin and Tim Donald headed the deal.

“18201 von Carman generates a lot of interest from investors, ranging from institutional investors to private buyers along the west coast, who saw the potential of the added value of the highly amenitated asset,” said Pulssen in a statement. “In the end, the buyer was the winning bidder, given their quick ability to close their inherent knowledge of the property, as they are a property manager and the owner of the three neighboring properties.”
The high floor was renovated in 2016.

Tenants include real estate developer related to California, finance and insurance company Gallagher, VCC Construction and Accounting Company Davis Farr LLP.

Greenlaw now owns either by itself or with other partners, all four of the buildings in the von Carman Towers office complex, which is at the intersection of von Karman and Michelson Drive and is about three blocks from John Wayne Airport.

Private State Greenlaw has bought and sold assets worth $ 10 billion and has 5 million square meters of projects that are entitled or under development.

Von Karman Towers, built in 1985, sold as part of the match, a $ 77 million deal in March 2004. The building traded for $ 351.96 per square foot more than 11 years later, to Kostar.

Values ​​of the Office building for a decline

The New York Life, which sells von Carman Kulie with 55% discount, is part of a recent trend of office buildings that are sold at significantly lower prices, especially in the years after Covid-19.

CBRE Investment Management has recently sold the 17 -storey office tower, which owned $ 2,600 for $ 42 million, almost one -third the price it paid for the building in 2017.

Ta Realty sold City Center I to 625 City Drive South at $ 22.5 million in 2023, a $ 33 million discount she paid for the building five years earlier.

Newport Coast CEO Joe Ven paid $ 25 million for $ 216,864 square feet 4 Hutton Center in Santa Ana in 2023, more than $ 30 million less than what the previous owner of the building paid for it in 2019.

Pres COS. He paid $ 20.5 million for the Wells Fargo building with an area of ​​120 560 square feet in 2016 and turned it over for $ 18.6 million in 2024.