Opal Holdings pays $150M for Orange County office tower

Pacific Oak sold 435K sf City Tower in Orange

Los Angeles /
Jul.July 29, 2021 11:04 AM
City Tower at 333 City Boulevard West (KBS Capital Markets Group)
City Tower at 333 City Boulevard West (KBS Capital Markets Group)

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.





    Related Articles

    arrow_forward_ios
    Charles Company's Mark and Arman Gabay and a rendering of 550 E. Colorado Boulevard in Pasadena (WATG)
    195-room hotel planned for Pasadena’s Playhouse District
    195-room hotel planned for Pasadena’s Playhouse District
    Claremont mayor Jed Leano and CAR's Otto Catrina (CAR, Getty, City of Claremont)
    Realtor-affiliated group sues cities over housing plans
    Realtor-affiliated group sues cities over housing plans
    Bardas Investment Group's David Simon with 6311 Romaine Street
    Hollywood’s Television Center readies for $600M makeover
    Hollywood’s Television Center readies for $600M makeover
    Century Plaza project at 2025 Avenue of the Stars and Woodbridge Capital Partners' Michael. Rosenfeld (CoStar)
    Stake in the Century Plaza Hotel heads to auction block
    Stake in the Century Plaza Hotel heads to auction block
    Valley Central at 44400 Valley Central Way in Lancaster (Google Maps, Getty)
    Lancaster shopping center trades for $45M
    Lancaster shopping center trades for $45M
    UCLA chancellor Gene Block; former Marymount California University campus (UCLA, MCU)
    UCLA pays $80M for former Marymount California campus
    UCLA pays $80M for former Marymount California campus
    IDS Real Estate Group’s co-CEOs David Mgrublian and Murad Siam with Irwindale Speedway at 500 Speedway Drive in Irwindale (Irwindale Event Center, IDS Real Estate, Getty)
    Irwindale Speedway site to transform into industrial park
    Irwindale Speedway site to transform into industrial park
    Commercial real estate, Orange County, Proposition 13
    Large landowners in OC could pay more property taxes, critics say
    Large landowners in OC could pay more property taxes, critics say
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...