A two-story creative office in Irvine that holds the headquarters of apartment investment firm Bascom Group LLC and other tenants has been bought by a private investor.
7 Corporate Park, a 37,177-square-foot building at the intersection of Jamboree Road and Barranca Parkway, near The District shopping center, last month was acquired by 7C Blue Sky Venture LLC, an Irvine-based entity, property records indicate.
The building, part of the creative campus known as The Parc, sold for about $15.6 million, or nearly $420 per square foot. It’s among the higher PSF prices seen for a muti-tenant, local creative office over the past year.
Accounting Co. Ties
The 7C venture counts ties to the executive team of James Y. Lee & Co., an Irvine accounting firm, according to a reading of property records and state filings.
The accounting firm was founded in 1996, and has about 14 members, according to its website.
The buyer is said to have bought the office as an investment, and not for the accounting firm’s uses, according to parties involved in the deal.
7C Blue Sky took out a $10 million loan with Societe Generale Financial Corp. to fund the deal, records indicate.
The sale was brokered by Newmark’s Kevin Shannon, Paul Jones, Brandon White, Liam Ogburn, Sean Fulp, Ryan Plummer and Mark Schuessler.
Porfolio Upgrade
The building was sold by Irvine’s Kelemen Co., which bought the office as part of a reported $42 million, five-building portfolio in 2018. That deal valued the five buildings around $250 per square foot on a cumulative basis, according to CoStar Group Inc. records.
Other buildings that were part of that 2018 deal have subsequently sold. One of them, a 24,000-square-foot building at 9 Corporate Park, recently saw plans filed with the city to convert its uses from traditional offices to medical offices space and warehouse/storage uses, according to city planning documents.
The latest office to sell at 7 Corporate Park traded hands at a 6% capitalization rate, according to Tibor Kelemen, CEO of Kelemen Co.
At the time of the sale the building had a 96% occupancy with 6.1 years weighted average lease term remaining.
Along with Bascom, other notable tenants at the building include the General Services Administration and Bank of Hope.
Bascom, one of the country’s 50 largest owners of apartment properties, said in January that it had completed over $1.85 billion in multifamily transactions during the past year.
In February, the investor announced closing a new, $150 million investment fund, which should allow it to buy upward of $500 million in additional rental properties.Â
