{"id":1004134379,"date":"2016-01-07T07:40:23","date_gmt":"2016-01-07T15:40:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004134379"},"modified":"2022-12-08T10:09:44","modified_gmt":"2022-12-08T18:09:44","slug":"pru-led-jv-buys-oc-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/","title":{"rendered":"Pru-Led JV Buys OC Office Campus"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

\"PRU<\/a>A joint venture between Prudential Real Estate Investors and McCarthy Cook & Co. has acquired MetroCenter at South Coast, an 800,800-square-foot office campus in Costa Mesa, Calif., Prudential announced earlier this week.<\/p>\n

Prudential declined to comment on the deal\u2019s financials, and McCarthy Cook did not respond to Commercial Property Executive<\/em>\u2019s request for information. The seller was an affiliate of RREEF Funds, which had purchased the office park from McCarthy Cook and other parties in 2005 for a reported $261 million, according to the Orange County Business Journal. The closing took place last month, a Prudential spokesperson told CPE<\/em>.<\/p>\n

The 15-acre MetroCenter campus features three 12-story office buildings and a three-story health club. The site is near the coastal residential communities of Newport Beach, Laguna Beach and Corona del Mar and reportedly is within walking distance of luxury retailers, upscale restaurants, art and entertainment venues, and high-quality hotels.<\/p>\n

McCarthy Cook, which is headquartered at MetroCenter, will be the property manager and leasing agent.<\/p>\n

The JV intends to renovate MetroCenter and add on-site amenities to create a more campus-like work environment. As of now, plans include a plaza renovation with \u201ccollaborative outdoor space\u201d and updated lobbies and corridors, and the addition of a conference center, tenant lounge and rooftop decks. More-creative additions, the Prudential spokesperson told CPE<\/em>, will include bocce ball courts, lobbies with operable walls allowing access to outdoor areas and a \u201cfood truck alley.\u201d<\/p>\n

\u201cWith projections for outsized employment growth relative to the nation and limited new office construction, we believe Orange County\u2019s office market has considerable room to grow before approaching pre-recession peaks,\u201d Kevin R. Smith, head of the Americas at PREI, said in a prepared statement.<\/p>\n

Edward Cook, co-CEO of McCarthy Cook, said, \u201cWe are thrilled to have the opportunity to partner with PREI to transform an extremely well-located property into an inspiring campus where people can work together in a collaborative indoor and outdoor environment.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Prudential Real Estate Investors and McCarthy Cook & Co. have acquired MetroCenter at South Coast, an 800,800-square-foot office campus in Costa Mesa, Calif.<\/p>\n","protected":false},"author":882,"featured_media":1004134382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747,15],"tags":[],"class_list":["post-1004134379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office","category-west"],"acf":[],"yoast_head":"\nPru-Led JV Buys OC Office Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pru-Led JV Buys OC Office Campus\" \/>\n<meta property=\"og:description\" content=\"Prudential Real Estate Investors and McCarthy Cook & Co. have acquired MetroCenter at South Coast, an 800,800-square-foot office campus in Costa Mesa, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-07T15:40:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:09:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/PRU.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"652\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Pru-Led JV Buys OC Office Campus\",\"datePublished\":\"2016-01-07T15:40:23+00:00\",\"dateModified\":\"2022-12-08T18:09:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/\"},\"wordCount\":330,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/01\\\/PRU.png\",\"articleSection\":[\"Featured\",\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pru-led-jv-buys-oc-office-campus\\\/\",\"name\":\"Pru-Led JV Buys OC Office Campus - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pru-Led JV Buys OC Office Campus - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/","og_locale":"en_US","og_type":"article","og_title":"Pru-Led JV Buys OC Office Campus","og_description":"Prudential Real Estate Investors and McCarthy Cook & Co. have acquired MetroCenter at South Coast, an 800,800-square-foot office campus in Costa Mesa, Calif.","og_url":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-01-07T15:40:23+00:00","article_modified_time":"2022-12-08T18:09:44+00:00","og_image":[{"width":800,"height":652,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/PRU.png","type":"image\/png"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"Pru-Led JV Buys OC Office Campus","datePublished":"2016-01-07T15:40:23+00:00","dateModified":"2022-12-08T18:09:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/"},"wordCount":330,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/PRU.png","articleSection":["Featured","News","Office","West"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/","url":"https:\/\/www.commercialsearch.com\/news\/pru-led-jv-buys-oc-office-campus\/","name":"Pru-Led JV Buys OC Office Campus - 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