PGGM Purchases Intersect Irvine Creative Office Campus From Hines For $235.2M

The property involved in the transaction is a four-building creative office campus known as Intersect in Irvine, California. The asset, totaling 453,975 square feet, is located at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. in the Orange County Airport submarket. The property was sold by Hines to MetLife Investment Management and PGGM for $235.2 million.

Summary of transation details:

• Property Type: Office Campus
• Transaction Amount: $235,200,000.00
• Address: 17877 Von Karman Ave, Irvine, CA, 92614
• Market: Irvine
• Seller's Rep: Nicolai Waner
• Buyer: PGGM
• Seller: Hines

Kevin MacKenzie, John Chun, and Samuel Godfrey of JLL’s debt advisory team facilitated a $117.6 million, 10-year, fixed-rate acquisition loan through Allianz Real Estate for the buyers. Intersect underwent a renovation of over $27 million in recent years, boasting amenities like a two-acre courtyard, game pavilion, urban garden, and various sports courts. The property also features a Hangar 24 Brewery and diverse onsite amenities catering to the tenant base and neighbors. At the time of sale, the property was 85 percent leased to a varied tenant roster. The seller, Hines, was represented in the deal by Michael Leggett, Blake Bokosky, Mark DeGiorgio, and Nicolai Waner of JLL Capital Markets.