Greenlaw, Walton Street Capital put OC tower up for sale

Firms ask $100M for 350K sf, billed as 100% available

Los Angeles /
Feb.February 22, 2022 11:41 AM
Greenlaw Partners founder Wilbur Smith, Walton Street Capital principals Eric Mogentale, Jeffrey Quicksilver, Robert Bloom and Richard Ratke and City Plaza at 1 City Blvd W (Loopnet, Walton St Capital, Wilbur Smith)

Greenlaw Partners and Walton Street Capital have put a 350,000-square-foot office that’s entirely available for lease on the sales block in Orange County.

The firms have listed City Plaza, an 18-story tower at 1 City Boulevard in the city of Orange, on the market, with an asking price of $100 million, according to LoopNet. CBRE is marketing the property and did not immediately respond to a request for comment.

Newport Beach-based Greenlaw teamed up with Walton Street Capital in Chicago to buy the property in 2013. The duo bought a 10-acre office site in Irvine as well as City Plaza for around $110 million in a package deal, according to reports at the time.

Neither Greenlaw nor Walton Street Capital responded to a request for comment.

The entire property is currently available for lease, according to property listings. Sources told The Real Deal one of the tower’s primary tenants, Interactive Mortgage, is moving out of the building later this year.

Average office vacancy rates in Orange – a city of about 140,000 adjacent to Anaheim – were around 14 percent in the fourth quarter of last year. The average asking rent for Class A properties was $2.50 per square foot a month during the same period.

If the property trades at its asking price of $286 a foot, it would be one of the less expensive office tower deals in the larger OC market in terms of price per square foot.

The most expensive deal last year was IRA Capital’s $103 million purchase of a 154,000-square-foot complex near Orange County’s John Wayne Airport, which clocked in at $667 per square foot.

Most of the office deals in Orange County lately have involved industrial players and redevelopment plans. Earlier this month, Prologis bought a 24-acre office campus in South Orange County for $96 million — around $298 per square foot.

Given City Plaza is located on about 450,000 square feet of land — big enough for a warehouse redevelopment — it’s possible an industrial developer will make a bid for the site.

Greenlaw Partners is also looking to sell a five-building creative office campus in Santa Ana for around $29 million, according to Newmark marketing materials obtained by TRD. Around 70 percent of that 83,000-square-foot complex at 1251 East Dyer Road is currently available for lease.





    Related Articles

    arrow_forward_ios
    A photo illustration of the recently nixed mixed-use complex at 27001 La Paz Road in Mission Viejo (ValueRock Realty, iStock)
    South OC city puts kibosh on mixed-use housing plans
    South OC city puts kibosh on mixed-use housing plans
    Michael Gray and 309 Via Lido Soud (Hoag Hospital, Coldwell Banker via Toby Ponnay)
    St. John Knits scion seeks high-water mark on Newport Harbor manse
    St. John Knits scion seeks high-water mark on Newport Harbor manse
    GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
    Here’s how much tenants are paying at One Wilshire in DTLA
    Here’s how much tenants are paying at One Wilshire in DTLA
    Laguna Niguel (Jeff Gritchen/Orange County Register/Getty, iStock)
    Laguna Niguel wildfire hits swath of luxury homes
    Laguna Niguel wildfire hits swath of luxury homes
    80 South Street (Wikipedia)
    Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
    Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
    Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael Frankel and 13535 Larwin Circle and 7815 Van Nuys Boulevard in Panorama City (Google Maps, Rexford)
    Rexford spends $153M on six industrial properties
    Rexford spends $153M on six industrial properties
    Lyon Living's Frank Suryan Jr. and The Herald complex at 150 East Crowther Avenue (Lyon Living, Herald Apartments)
    Lyon Living set new benchmark on multifamily pricing with sale in north OC
    Lyon Living set new benchmark on multifamily pricing with sale in north OC
    645 Madison Avenue (Google Maps, iStock)
    OC investors in $200M land deal on Madison Avenue
    OC investors in $200M land deal on Madison Avenue
    arrow_forward_ios

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

    Loading...