The EMMES Group Teams Up With Oaktree Capital Management

The companies have formed a joint venture to recapitalize a newly renovated office property in Orange County, Calif.

The EMMES Group of Cos. has announced a joint venture with Oaktree Capital Management to recapitalize Centerview, a 625,000-square-foot office property in Irving, Calif. Under the partnership, the Class A asset will undergo additional improvements.

Located at 1920 and 2010 Main St. within the Irvine Concourse master-planned business park, the property is less than a mile from Interstate 405 and roughly 40 miles from downtown Los Angeles. While most office buildings have suffered from a significant decrease in leasing activity since the beginning of the pandemic, Centerview welcomed more than 100,000 square feet of new leases in the last 12 months. New tenants included Allen Matkins Leck Gamble Mallory & Natsis LLP, Bryan Cave Leighton Paisner LLP, and Rate Plus Inc.

The EMMES Group acquired the two-building property back in 2017 for $220 million and recently repositioned the asset. The overhaul called for full-building lobby renovations, significant exterior common area improvements, corridor and restrooms upgrades, along with the addition of tenant amenities (such as a 60-person conference center, a tenant lounge with a boardroom, kitchenette and communal seating, bike storage, as well as lockers and showers). Other upgrades comprised the addition of Tesla and EV chargers, an elevator modernization, cooling tower replacement, parking automation system upgrades and the completion of a new corner retail development. All these earned the property the BOMA Outstanding Building of the Year Award in 2019.

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