SANTA ANA, Calif.--(BUSINESS WIRE)--
In the largest commercial office transaction to take place in Orange County this year, Lincoln Property Company and partner Angelo, Gordon & Co. have sold Griffin Towers, a Class-A trophy office complex in Santa Ana, to an affiliate of Blackstone for $129 million.
Griffin Towers is a unique, Class-A twin building office project situated on seven acres at 5 and 6 Hutton Centre Drive in the master-planned MacArthur Place development. The 12-story plus penthouse office buildings total 549,940 rentable square feet and include an adjacent six-story above ground parking garage, a retail arcade featuring the newly opened Griffin Grill, a circular driveway plaza, and a dramatic three-story granite atrium lobby.
Since acquiring the property in March 2010, the Lincoln-led team completed an extensive lobby upgrade along with improvements to common area corridors, elevators and the conference center. Over the past four years, the team also installed new landscaping, updated seating areas, renovated the on-site café and redeployed a dormant co-generation plant that now produces approximately 77% of the buildings’ power on-site.
As a result of the upgrade efforts, Lincoln improved occupancy from 71% to 88%. The buildings’ largest tenants include Corinthian Colleges, one of the largest post-secondary education companies in North America; CH2M Hill; Ultimate Software; and Premier Business Centers.
“Our acquisition and subsequent sale of the Griffin Towers is representative of Lincoln’s value-add strategy as an owner, operator and manager of Class-A office space across Southern California,” said Kevin Hayes, Senior Vice President at Lincoln Property Company. “We identified a trophy asset in financial distress, invested energy and capital into alleviating deferred maintenance, and took a hands-on approach to improving occupancy in a challenging leasing environment.”
Kevin Shannon, Bob Smith, Paul Jones and Ken White of CBRE represented Lincoln in the transaction. Blackstone was self-represented.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 209,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.
- Real Estate
Emily Heidt, (310) 974-6682