One of the larger offices surrounding The Outlets at Orange shopping center has been snapped up by a locally-based, private insurance plan provider.
Property records indicate that an affiliate of Orange’s Astiva Health and its related business Avanta IPA recently closed on the purchase of 600 City Pkwy., a roughly 204,000-square-foot office that sits near the western edge of The Outlets, along Lewis Street and a few blocks from the Christ Cathedral.
The building sold for $23 million, or roughly $113 per square foot. An affiliate of Irvine’s Greenlaw Partners, which also shed the nearby City Tower high-rise about two years ago, was the seller. It had owned the just-sold office since 2014.
The 10-story 600 City Pkwy. office, which sits next to another office that holds the headquarters of CalOptima, counts a variety of healthcare firms as tenants; CoStar records indicated the building to be about half-full at the time of its sale.
Astiva and Avanta currently have their headquarters at Orange’s 765 The City Drive South office, which is about a mile from the just-bought office, on the opposite side of the Garden Grove (22) Freeway.
Records indicate that the buyer, listed in records as Avanta Properties City Parkway LLC, took out a $14 million loan to fund the deal.
Vietnamese Focus
Astiva Health runs a Medicare Advantage Prescription Drug (MAPD) health plan, which combines medical, hospital and prescription drug coverage under one umbrella. The company was founded in 2019 and started operations in 2021.
It primarily serves Orange, San Diego, Los Angeles, Riverside and San Bernardino counties, with the region’s Vietnamese community a main source of business.
Astiva’s “dedication to serving the underserved population is not only fulfilling a critical societal need but also positioning the company to tap into a market segment with significant growth potential,” it said in late 2023, when it announced plans for a proposed initial public offering.
Its healthcare model uses a “culturally tailored approach that combines multilingual support, community partnerships and personalized care to drive member satisfaction and retention,” it said.
It has yet to follow through on the IPO plans; regulatory filings show the company was seeking to raise $15 million via a direct offering earlier this year.
Astiva counted over 30,000 members as of January 2025, according to an investor presentation. Northern California is expected to be a new source of growth going forward, as is Texas.
The January presentation estimated its 2024 revenues at over $175 million, with projected 2025 revenue of $423 million.
