Lincoln Property Company And Glendon Capital Management Acquire Tustin Office For $199 Million

The property asset involved in this transaction is an office building located at 1700 Flight Way in the Tustin market. The asset was sold for $199,000,000, encompassing a total square footage of 476,785, resulting in a price per square foot of $417.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $199,000,000
• Square Footage: 476,785
• Price Per Square Foot: $417
• Buyer: Lincoln Property Company & Glendon Capital Management
• Seller: Lincoln Property Company & Alcion Ventures
• Brokers: Doug Bond, Jeffrey Bramson, Andrew Harper, Will Poulsen & Tim Donald - JLL

JLL represented the existing ownership, which is a joint venture between Lincoln Property Company and Alcion Ventures. The transaction involved recapitalizing the property into a new partnership between Lincoln Property Company and Glendon Capital Management.