A prominent two-story office near John Wayne Airport in Irvine sold last month for $11.2 million.
The deal works out to around $539 per square foot, making it the city’s second-priciest sale on a per-square-foot basis since 2019, brokers note.
On average, higher-end office buildings in Irvine typically trade for around $300 to $350 per square foot.
The property is at 2485 McCabe Way. It runs 20,772 square feet along the San Diego (405) Freeway and gets over 100 million views annually on its busy stretch of the highway, according to brokerage Lee & Associates.
Those views go to the building’s prior owners’ giant Business Journal Best Places to Work award banner that’s currently draped across the office.
Its latest valuation neared the property’s asking price of $11.5 million.
Local furniture company Bassman Blaine sold the property to DTMM Properties LLC, which has ties to Newport Beach-based MLC Media Inc., a content creation and radio services firm that caters to the Hispanic market.
While the deal may seem like a pivotal moment for the struggling office sector, brokers say that’s far from the case.
“This is not a sign of office recovery,” Allen Basso of Lee & Associates told the Business Journal. “The buildings that are less improved and high-rise are still in trouble, but low-rise, high-quality buildings like this one are doing well.”
Basso, Eric Darnell and Kylee King of Lee & Associates represented the seller. Compass’ Kacey Taormina and Aspen Labrador negotiated on behalf of the buyer.
Bassman Blaine HQ
The 2485 McCabe Way office has been the headquarters of Bassman Blaine since it purchased the property for $7 million in 2018.
The company decided to sell the office after closing its first-floor showroom.
“We couldn’t drive the level of designer traffic that goes to our Laguna Niguel showroom,” Bassman Blaine Chief Executive Ken Bassman told the Business Journal.
The company is still based at the building; it’s leasing back the property for four months from DTMM Properties.
The firm is currently eyeing a spot near Newport Beach’s Fashion Island shopping center for its new headquarters, which will not have a showroom, Bassman said.
Top Latin Artist
Once Bassman Blaine’s lease is up, DTMM Properties aims to convert the office’s first floor into a recording studio.
Affiliates of the company currently count several artists, including Peso Pluma, who was Billboard’s No. 2 Latin artist of 2023.
Prior to buying the property, DTMM Properties had viewed nearly 100 spaces, according to sources.
When officials saw the building, they immediately knew they wanted to move in, sources said. The office sold relatively quickly—in 21 days—Basso noted.
As part of the acquisition, the company also bought Bassman Blaine’s office furniture as well as the fitness equipment in the building’s gym.
