Opal Holdings pays $150M for Orange County office tower

Orange County’s third tallest tower has been sold.

Opal Holdings paid $150.5 million for City Tower in Orange. The seller, Pacific Oak Strategic Advisors, announced the deal for the 435,000-square-foot building at 333 City Boulevard West. Newmark, which brokered the sale, confirmed the buyer.

The deal marks one of New York-based Opal’s first West Coast acquisitions. It owns office, mixed-use and multifamily properties in New York, Texas and New Jersey, among other markets.

Pacific Oak sold the tower through its Pacific Oak Strategic Opportunity REIT. It purchased the property in 2018 for $147.25 million from Clarion Properties, records show.

Developed in 1988, the 20-story building recently underwent a $3 million renovation and is 90 percent leased with tenants that include Enterprise and UC Irvine Medical Center.

Earlier this year in Costa Mesa, Invesco Real Estate and SteelWave signed a defense technology firm to a 640,000-square-foot lease at an under-construction creative office complex. It was one of the largest leases ever in the county.