The Intersect office complex in Irvine is on the market four years after its last sale, this time with a much higher price tag and a full-tenant roster.
A joint venture between the local office of Houston’s Hines and Newport Beach-based Pacific Investment Management Co. paid $121.5 million, or nearly $270 per square foot, for the four-building office campus—then called Quintana—in 2015.
After a $27 million investment, rebranding, and strong leasing efforts, the owners are hoping to bring in close to $260 million for the 452,000-square-foot complex, located at the intersection of Main Street and Von Karman Avenue, brokers tell the Business Journal.
The $575 per-square-foot asking price is a 114% premium to the previous sale of the complex, which is now reported to be 74% leased. It was largely empty at the time of its last sale.
JLL, one of 21 tenants at Intersect, has the listing for the property, situated about 2 miles from John Wayne Airport.
Chicken Coop, Beer Garden
The campus was previously home to Seattle-based Washington Mutual, but the company vacated the office in 2008 during the mortgage industry’s implosion, leaving the campus less than 40% full.
Occupancy dipped to as low as 13% at the time of the 2015 sale to Hines and PIMCO, which bought the site from Menlo Equities.
The office has since seen a rebound under its new ownership, and has been steadily leasing up since the completion of an extensive renovation, which redesigned a 2-acre courtyard, upgraded lobbies, corridors, restrooms, and infrastructure.
New amenities at Intersect include a shipping container converted into a beer garden, a new coffee shop, a game pavilion, fire pits, food trucks, a chicken coop and aviary, and a 4,200-square-foot gym with Peloton bikes.
New Tenants
Tenants at the complex include Marriott and Mazda, and Intersect holds the headquarters of fitness chain firm Xponential Fitness.
Allied Esports Entertainment Inc. (NASDAQ: AESE), which went public this summer, moved its headquarters to Intersect around the same time, leasing about 14,000 square feet.
The newest reported tenant is Westcliff University, which inked a 34,000-square-foot deal for the fourth floor at 17877 Von Karman Ave. building earlier this month.
