One of the most recognizable office buildings in Orange County changed hands for $18.5 million.
Newport Beach-based Surlamer Investments bought City Plaza, a 19-floor office building for nearly $52 per square foot according to CoStar data.
The sale price, on a per square foot basis, is likely one of the cheapest deals ever for Orange County. City Plaza, per CoStar, was only 14% leased at the time of the sale.
Surlamer Investments bought the office tower, located near the intersection of the 5, 22 and 57 freeways and next to the Outlets at Orange, from TPG Capital LP.
Read more about the office tower sale in the June 30 issue.
