51.5 F
Laguna Hills
Thursday, Mar 28, 2024
-Advertisement-

Law Firm Takes Top Floor of Century Centre in Irvine

Law firm Murtaugh Meyer Nelson & Treglia LLP is moving its practice up a few floors at the Century Centre office complex in Irvine.

The firm, which focuses on civil litigation, recently completed a deal to lease space on the top floor of the 13-story 2603 Main St. building near the intersection of Main Street and Jamboree Road.

It’s one of two buildings at the Olen Properties Corp.-owned complex, which has 450,000 square feet of office space, plus Andrei’s Restaurant.

The firm has been based on the ninth floor of the building, which CoStar Group Inc. records show is more than 90% leased.

The new, 10-year lease is for 17,500 square feet, according to Randall Parker, principal with Cresa Orange County in Newport Beach. He represented the law firm in the deal, along with colleague Steven Card.

Murtaugh Meyer ranked as Orange County’s 40th largest law firm last year, with 26 local attorneys. It also has offices in San Diego and St. Helena in Napa County.

The immediate area around Century Centre, which is a little more than a mile from John Wayne Airport, recently has seen its share of mid-rise apartment development, and one more project is under way directly across the street from the complex.

Demolition work is now taking place at the proposed site of the Main and Jamboree Apartments development site at 2772 Main St. The 388-unit project, which includes razing of three older industrial and office buildings, is being developed by Sanderson J. Ray Development in Newport Beach.

Brea Swap

Irvine-based real estate investor PRES Cos. has brought on a new financial partner for a four-building collection of offices it owns in Brea.

JCR Capital in Denver is a partner for Brea Corporate Plaza and the 290,657-square-foot Brea Park Centre portfolio.

The three-story offices are about a mile east of the Orange (57) Freeway on Imperial Highway and total 290,557 square feet.

JCR Capital replaces Mariner Real Estate Management in Fairway, Kan., in the ownership of the complex, which PRES first invested in a little more than two years ago in a reported $42 million deal. The latest deal values it at $55.6 million.

JCR Capital provided the majority of the equity capital for the purchase, according to the local office of brokerage Holliday Fenoglio Fowler LP, which found the new partner for PRES and arranged $39 million in financing.

It’s the first partnership of JCR and PRES. The new ownership group plans to sell the four buildings individually over the next few years, according to HFF.

The properties are a short walk from the La Floresta master-planned community in Brea. Brea Park Centre is near the intersection of Imperial Highway and Kraemer Boulevard. Its three buildings total about 171,411 square feet.

The single-building Brea Corporate Plaza is a few blocks east of it near the intersection of Valencia Avenue and Imperial.

The HFF investment sales team representing the seller included Ryan Gallagher, Derreck Barker and Tim Geiman.

HFF’s debt-placement team on the deal was John Chun, Lee Redmond and AJ Manas.

New Line of Work

Irvine-based Brandywine Homes is taking on a new development type at a San Diego County land site it just bought.

The homebuilder said last month that it bought a 3.2-acre parcel in Escondido about six miles from the San Diego Zoo Safari Park.

It plans to build four custom homes on about half of the land on lots as large as 14,000 square feet. The remaining acreage will hold a two-building, 586-unit self-storage facility of 78,067 square feet that’s Brandywine’s first ground-up self-storage development project.

“We’re excited about moving into a new, up-and-coming arena of real estate with this project,” said Brandywine principal Mark Whitehead in a statement.

Brandywine currently is selling homes at six projects in Southern California, including locations in Yorba Linda and Anaheim.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-