Murray Co. Acquires Office In Cypress From Healthcare Realty Trust Inc

The Class A office property located at 5995 Plaza Drive in Cypress was sold for $19,000,000, with a total square footage of 105,000 and a price per square foot of $181. The buyer, Jim DeFlavio of Murray Co., acquired the property from the seller, Todd Meredith of Healthcare Realty Trust Inc. The transaction was facilitated by buyer's representatives, Chris Migliori and Danielle Knudson of Daum Commercial Real Estate Services, and seller's representatives, Quint Carroll and Tom Sheets of CBRE.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $19,000,000
• Address: 5995 Plaza Drive
• Market: Cypress
• Buyer: Jim DeFlavio - Murray Co.
• Seller: Todd Meredith - Healthcare Realty Trust Inc
• Buyer's Rep: Chris Migliori & Danielle Knudson - Daum Commercial Real Estate Services
• Seller's Rep: Quint Carroll & Tom Sheets - CBRE

Orange County's office market experienced activity as Murray Co., represented by Daum Commercial Real Estate Services and CBRE, acquired the Class A office property on Plaza Drive for $19 million. The property will now function as Murray Co.'s new corporate office, supporting a workforce of over 250 employees. Despite market challenges, there are positive signs of recovery with net absorption decreasing at a slower pace and average lease rates maintaining stability based on CBRE's fourth quarter 2023 report.