Pacific Oak Strategic Opportunity REIT has sold City Tower, a 435,000-square-foot Class A office tower in Orange to Opal Holdings, a New York-based real estate investment firm, for $150.5 million.
The transaction sets the high-water mark for office sales in Orange County year-to-date, said the company.
Located at 333 City Boulevard, the 20-story LEED Gold certified building was 90% leased at the time of sale to prominent tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, the property recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and building entryway.
“We increased occupancy by almost 15% over the past three years and are proud of the improvements and value we created during our ownership,” said Michael Potter, senior vice president of Pacific Oak Capital Advisors.
“We think our ability to close deals in a challenging environment highlights that there is always a market for well-located, high-quality assets with strong tenancy,” he added.
Situated in Central Orange County, City Tower is the county’s fourth-tallest building and features a distinctive architectural design, expansive window line, contemporary interior finishes, a dual-elevator lobby and abundant parking. The property’s location provides direct freeway visibility from three major freeways and its proximity to Angel Stadium, Honda Center and Disneyland Resort and Theme Park adds to its appeal.