{"id":1004094308,"date":"2014-04-09T06:48:57","date_gmt":"2014-04-09T14:48:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004094308"},"modified":"2022-12-08T15:52:34","modified_gmt":"2022-12-08T23:52:34","slug":"blackstone-acquires-office-towers-in-santa-ana-calif-for-129m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-acquires-office-towers-in-santa-ana-calif-for-129m\/","title":{"rendered":"Blackstone Acquires Office Towers in Santa Ana, Calif. for $129M"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004094311\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstone-acquires-office-towers-in-santa-ana-calif-for-129m\/griffin\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg\" data-orig-size=\"1440,960\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"GRIFFIN\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004094311\" alt=\"GRIFFIN\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg 1440w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/GRIFFIN.jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>An affiliate of Blackstone has acquired Griffin Towers, a pair of 12-story plus penthouse Class A office towers in Santa Ana, Calif., from Lincoln Property Co. and partner Angelo, Gordon &amp; Co., for $129 million.<\/p>\n<p>The deal is the largest commercial office transaction to take place in Orange County in 2014.<\/p>\n<p>\u201cGriffin Towers is among the finest constructed assets in the Orange County airport area,\u201d Kevin Hayes, Lincoln Property Co.\u2019s senior vice president, told <i>Commercial Property Executive<\/i>. \u201cThe property layout, its visibility and floor plate functionality make it an appealing property to tenants. Our partnership was attracted to these intrinsic attributes despite the distress in the marketplace when we acquired the property in March of 2008.\u201d<\/p>\n<p>Griffin Towers is situated on seven acres at 5 and 6 Hutton Centre Drive, in the master-planned MacArthur Place development. It contains 549,940 rentable square feet and includes an adjacent six-story above ground parking garage, a retail arcade featuring\u00a0the newly opened Griffin Grill, a circular driveway plaza, and a three-story granite atrium lobby.<\/p>\n<p>Since acquiring the property in March 2010, Lincoln Property Co. and Angelo, Gordon &amp; Co., completed an extensive lobby upgrade and made numerous improvements to common area corridors, elevators and the conference center. The companies also installed new landscaping, updated seating areas, renovated the on-site caf\u00e9 and redeployed a dormant co-generation plant that now produces nearly 77 percent of the buildings\u2019 power on-site.<\/p>\n<p>According to Hayes, after acquiring the asset in what was effectively a short sale, the joint venture had a significant business plan to execute.<\/p>\n<p>\u201cIn addition to remedying deferred maintenance and making cosmetic upgrades, we took Griffin Towers from 70 percent leased to almost 88 percent (more than 100,000 of positive absorption) and renewed its largest tenant,\u201d he said. \u201cWe felt that we could harvest the asset and print a \u2018win\u2019 for our investors and eliminate any of the risk associated with a hold.\u201d<\/p>\n<p>The buildings\u2019 largest tenants currently include Corinthian Colleges, CH2M Hill, Ultimate Software and Premier Business Centers.<\/p>\n<p>Interestingly enough, Griffin\u2019s only unfixable flaw is its address, according to the brokerage community.<\/p>\n<p>\u201cThe property tends to operate as a value play for tenants that want to pay less rent than in Irvine or Costa Mesa, but its proximity to major airports, freeways, theaters and restaurants has proven to be a big draw,\u201d Hayes added. \u201cIn fact, Lincoln Property Co. had its Orange County headquarters on-site for the duration of our hold, and we greatly enjoyed being at Griffin Towers.\u201d<\/p>\n<p>Kevin Shannon, Bob Smith, Paul Jones and Ken White of CBRE represented Lincoln in the transaction. Blackstone was self-represented.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An affiliate of Blackstone has acquired Griffin Towers, a pair of 12-story plus penthouse Class A office towers in Santa Ana, Calif., from Lincoln Property Co. and partner Angelo, Gordon &amp; Co. for $129 million.<\/p>\n","protected":false},"author":451,"featured_media":1004094311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004094308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone Acquires Office Towers in Santa Ana, Calif. for $129M - 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