[ad_1]
City Tower rises 20 stories in Orange, Calif. Image courtesy of Stream Realty Partners
Stream Realty Partners has been selected to lease City Tower, a 435,177-square-foot office building in Orange, Calif. Executive Managing Director & Partner Marty Pupil, Managing Director Mike Adams, Vice President Peter Joyce and Senior Associate Morgan Adams will spearhead all leasing efforts at the property.
City Tower’s owner is Opal Holdings, CommercialEdge data shows. The company purchased the 20-story asset in July 2021 for $150.5 million, with acquisition financing provided through First Tech Federal Credit Union.
READ ALSO: Creating a Winning Back-to-the-Office Formula
The largest office building in the Central Orange County submarket came online in 1988 and underwent cosmetic renovations in 2016. The LEED Gold-certified property features a fitness center, conference center, boardroom, café, full-service auto detailing and a six-story parking garage. Tenants include Regus, Harrell & Co., Schmid & Voiles, York and Wilner & O’Reilly, according to the same source.
Located on nearly 5 acres at 333 City Blvd. W., City Tower is near Interstate 5, State Route 22 and State Route 57, also known as The Orange Crush interchange, providing transportation access throughout the county and larger Southern California area. Downtown Orange is some 2 miles east, while downtown Los Angeles is approximately 30 miles away.
Office leasing stalls in Orange County
City Tower is not Stream’s first office leasing assignment in the area. Earlier this year, the company became the exclusive leasing agent of a five-building office campus in Laguna Hills, Calif. Mike Adams, Peter Joyce and Morgan Adams are also providing marketing services for the 225,000-square-foot property.
The Orange County office market has seen an uptick in vacancies during the third quarter, according to a Cushman & Wakefield report. The vacancy rate clocked in at 19.7 percent at the end of September, marking a 110-basis-point increase over the quarter and 450-basis-point growth on a year-over-year basis.
[ad_2]
Source link
