Falcon Sells Single-Tenant Building for $20.35 Million
Falcon Real Estate has sold a high quality office building in Irvine, California for $20,350,000 on behalf of its client, an overseas institutional investor. The building is fully leased to Draftfcb, Inc. Draftfcb is one of the largest global advertising agency networks and a wholly owned subsidiary of Interpublic Group of Companies. Draftfcb’s client list includes more than 100 of the world’s leading Fortune 500 companies including Boeing Co., Citigroup, Kraft Foods, Merck & Co., and Hilton Hotels.
The property, located at 17600 Gillette Avenue, consists of a two-story, 98,925 rentable square foot office building with a detached two-story parking garage situated on 4.4 acres. Built in 1976 and renovated in 2001, the building features highly improved creative space designed by award-winning Clive-Wilkinson Architects. The property is located within one mile of Orange County’s John Wayne Airport, near the 405, 55 and I-5 freeways.
Falcon purchased the property in 2004 on behalf of its client who was attracted to the long-term NNN lease, backed by a quality credit guarantor. “The sale of the property is in line with the client’s original investment strategy”, said Scott Bennett, Vice President of Falcon Real Estate. “Even in difficult economic times, quality assets are available. Now more than ever, investors are looking for stable investment opportunities and this property represents just that.”