A Korean investment firm acquired a 200,000-square-foot Santa Ana office building, a property valued at about $86 million.
As part of the deal, Korea Investment & Securities Company pooled 41.2 billion won — $35.4 million — from investors for the building at 2 MacArthur Place, according to a report in Maeil Business News Korea. The money included $12.6 million from individual investors, the report noted.
Ocean West Capital Partners acquired the nine-story Orange County building last year for $83 million from Blackstone Group. Built in 2001, the property is 84 percent leased to California state government agencies, according to Maeil Business. Blackstone also sold the nearly identical building at 1 MacArthur Place to Angelo, Gordon & Company.
Korea Investment has been searching for investment opportunities in North America and in Europe, Maeil Business reported.
Ocean West and Korean Investment have worked together on other deals in the U.S. In August, the firms partnered with Tiger Alternative Investors and Vereit to buy a 2.3-million-square-foot North Texas distribution center for $247 million, the Dallas Business Journal reported at the time.
And in September 2019, Ocean West and Korean Investment purchased two U.S. student housing portfolios for $250 million. Tiger Alternative and Landmark Properties were also part of that partnership.