Wilbur H. Smith III Of Greenlaw Partners Acquires Office Building In Irvine For $37M

The asset involved in the transaction is an office property located at 18201 Von Karman Avenue in Irvine. The building spans 234,400 square feet and was sold for $37 million, equating to a price per square foot of $158. The property is a Class A building which is currently 51% leased, presenting a significant repositioning potential of 112,500 square feet within a market that favors creative, amenity-rich office spaces.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $37,000,000
• Sale Price per Square Foot: $158
• Square Footage: 234,400
• Address: 18201 Von Karman Avenue
• Market: Irvine
• Buyer: Wilbur H. Smith III - Greenlaw Partners
• Seller: Naïm Abou-Jaoudé - New York Life Real Estate Investors
• Brokers: John Rankin, Michael Leggett, Tim Donald & Will Poulsen - JLL

Wilbur H. Smith III represented Greenlaw Partners in acquiring the 234,400-square-foot Von Karman office towers. The deal was facilitated by brokers John Rankin, Michael Leggett, Tim Donald, and Will Poulsen from JLL. Notably, the acquisition price was significantly lower than the $82.5 million the seller originally paid for the property in 2015.