Christopher Delaney Of Glendon Capital Management Acquires Flight Office Campus For $200M In Irvine

The property asset involved in the transaction is an office space located at Suites A & B, 16540 Aston Street, Irvine. The asset has a sale price of $200,000,000 and comprises 455,000 square feet, resulting in a price per square foot valuation of $440.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $200,000,000
• Buyer: Christopher Delaney - Glendon Capital Management
• Seller: Martin Zieff & Mark Potter - Alcion Ventures
• Broker: JLL
• Lender: LoanCore Capital
• Square Footage: 455,000
• Price Per Square Foot: $440

This deal involved Glendon Capital acquiring a majority stake in the property as part of a recapitalization that values the office campus near $200 million. The campus is reported to be 85% leased and is anchored by Virgin Galactic, with Lincoln Property Co. reinvesting and maintaining operational control after the transaction. The financing was provided by LoanCore Capital, and the arrangement was facilitated by JLL.