{"id":1004743130,"date":"2025-01-14T07:10:05","date_gmt":"2025-01-14T15:10:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004743130"},"modified":"2025-01-15T05:48:13","modified_gmt":"2025-01-15T13:48:13","slug":"cbre-im-sells-orange-county-office-asset-for-42m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-im-sells-orange-county-office-asset-for-42m\/","title":{"rendered":"CBRE IM Sells Orange County Office Asset for $42M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"576\" data-attachment-id=\"1004743132\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2600-michelson-drive-in-irvine-calif-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif-edited.jpg\" data-orig-size=\"768,576\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2600 Michelson Drive in Irvine, Calif.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif-edited.jpg?w=768\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif-edited.jpg\" alt=\"Exterior shot of 2600 Michelson, a Class A, 310,925-square-foot office building in Irvine, Calif.\" class=\"wp-image-1004743132\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif-edited.jpg 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/2600-Michelson-Drive-in-Irvine-Calif-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><figcaption class=\"wp-element-caption\">2600 Michelson was under CBRE Investment Management&#8217;s ownership for seven years. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CBRE Investment Management has sold 2600 Michelson, a 310,925-square-foot office building in Irvine, Calif., for $42 million. Southern California-based Gaines Investment Trust bought the property, according to <em>Orange County Business Journal<\/em>. A CBRE Investment Properties team represented the seller<\/p>\n\n\n\n<p>CBRE IM had acquired the property in 2017 from Dune Real Estate Partners, with the help of a $72.4 million permanent loan originated by PNC Bank, CommercialEdge data shows. At that time, the office building traded for $120 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-leed-gold-certified-office-property\">A LEED Gold-certified office property<\/h2>\n\n\n\n<p>Located at 2600 Michelson Drive on a 4.6-acre site in the Irvine Business Complex, the property is near Interstate 405 and John Wayne Airport. Tustin train station is 4 miles away.<\/p>\n\n\n\n<p>Completed in 1986, the Class A asset rises 16 stories. The office building underwent recent renovations that focused on upgrading the lobby area, as well as adding EV charging stations, a conferencing facility and a fitness center. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>LISTEN TO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/step-into-my-office-cbres-take-on-rethinking-office-space-and-the-future-of-flexibility\/\">CBRE\u2019s Take on Rethinking Office Space and the Future of Flexibility<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The LEED Gold-certified property also features an adjacent five-story parking structure with 1,013 spots. Its tenant roster includes Jacobs, Zillow, Staff Group West and Providence Wealth Management Group \u2013 Ameriprise Financial Services LLC, according to CommercialEdge information.<\/p>\n\n\n\n<p>CBRE Vice-Chairmen Anthony DeLorenzo and\u00a0Todd Tydlaska,\u00a0together with Executive Vice President Sean Sullivan,\u00a0First Vice President Sammy Cemo,\u00a0Director Bryan Johnson\u00a0and Broker Grant Goldman, negotiated on behalf of the seller. <\/p>\n\n\n\n<p>DeLorenzo, Cemo and Johnson were also instrumental in the recent sale of a 185,180-square-foot office property in the nearby Tustin. The <a href=\"https:\/\/www.commercialsearch.com\/news\/orange-county-office-asset-trades-for-28m\/\">asset traded for $27.5 million<\/a>, 14 percent less than its previous selling price.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property\u2019s price dropped 65 percent from its previous trade.<\/p>\n","protected":false},"author":3619,"featured_media":1004743132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,34267,15],"tags":[51764,32779],"class_list":["post-1004743130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-orange-county","category-west","tag-cbre-investment-management","tag-leed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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