RGP Sells Office Building In Irvine For $13 Million With Brokers Anthony DeLorenzo And Team

A 57,301 sq. ft. low-rise office building located at 17101 Armstrong Avenue in Irvine has been sold for $13,000,000. The property encompasses 2.49 acres and fits within a market exhibiting strong demand for office spaces suitable for owner-users, particularly in Orange County.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $13,000,000
• Sale Price Per Square Foot: $227
• Seller: RGP
• Broker Representatives: Anthony DeLorenzo, Bryan Johnson, Carter Haslam & Sammy Cemo - CBRE
• Date of Sale: 08/20/2024

CBRE facilitated the transaction, which highlights the ongoing trend of municipal buyers acquiring properties suited for their use. The deal illustrates the favorable market conditions for low-rise office spaces, which are experiencing decreased vacancy rates and advantageous rent growth compared to higher-rise counterparts.