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Orange County Transit Authority Acquires Office Building From The Muller Company For $54.5M

Property Image
SOLD
$54,500,000
Taylor Friend
Justin Hill
Peter Wells

California

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Office220,452 SF
Sold 10/25/2024
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Property Image
SOLD

Orange County Transit Authority Acquires Office Building From The Muller Company For $54.5M

2677 Main Street

See Similar Deals
Office220,452 SF
Sold 10/25/2024
Taylor Friend
Justin Hill
Peter Wells
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$247
Total Square Footage:220,452 SF
Transaction Type:Sale

The transaction involves the sale of an office property located at 2677 North Main Street in Santa Ana, California. The sale price was $54,500,000 for a building that encompasses approximately 220,452 square feet, resulting in a price per square foot of $247.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $54,500,000
  • Address: 2677 North Main Street
  • Market: Santa Ana
  • Square Footage: 220,452
  • Price Per Square Foot: $247
  • Buyer: Orange County Transit Authority
  • Seller: The Muller Company
  • Seller's Representatives: Taylor Friend, Peter Wells & Justin Hill - CBRE

The Orange County Transit Authority will utilize the property as their new headquarters, with the building less than a mile from their current leased location. The board approved this acquisition in August 2024. The CBRE team consisting of Wells, Friend, and Hill represented The Muller Company during the transaction process.

Players

Taylor Friend
CBRE
Taylor Friend
6 deals$350.6M volume(714) 566-5998
BROKER
Justin Hill
CBRE
Justin Hill
2 deals$54.5M volume(949) 290-5727
BROKER
Peter Wells
CBRE
Peter Wells
3 deals$66.6M volume(949) 413-5234
BROKER

Details

SOLD
IMAGE: Taylor Friend, Peter Wells & Justin Hill DATE: 10/25/2024 ADDRESS: 2677 North Main Street MARKET: Santa Ana ASSET TYPE: Office BUYER: Orange County Transit Authority SELLER: The Muller Company SELLER'S REP: Taylor Friend (@TaylorFriend), Peter Wells (@PWellsy) & Justin Hill (@JustinHill246) - CBRE (@CBRE) SALE PRICE: $54,500,000 SF: 220,452 ~ PPSF: $247 NOTE: Orange County, CA – CBRE is proud to announce its role as the primary broker in the sale transaction of 2677 N Main Street, Santa Ana, to the Orange County Transportation Authority (OCTA) on behalf of the seller The Muller Company and their partners. Per the OCTA website, the building will serve as OCTA’s new headquarters, saving taxpayers approximately $50 million over the next 30 years compared to continuing to lease office space. The sale of the +-220,000 square foot building is located less than a mile from OCTA’s current leased headquarters and was approved by the OCTA Board of Directors in August 2024. CBRE (Wells, Friend, Hill) represented The Muller Company throughout the evaluation and negotiation process, ensuring a successful disposition that aligns with the organization's long-term strategic goals. The new headquarters will offer modern amenities, including LEED Gold Certification and recently installed solar panels, all contributing to OCTA’s sustainability efforts. “We are thrilled to have played a pivotal role in the disposition of 2677 N Main Street as the new headquarters for OCTA,” said Taylor Friend, First Vice President at CBRE. “This acquisition not only provides a sustainable and cost-effective solution for the agency but also demonstrates our commitment to delivering exceptional value to our client.” The Muller Company was represented by Peter Wells, Taylor Friend & Justin Hill of CBRE, Inc. The OCTA was represented by Rick Warner & Peter Andrich of CBRE, Inc.

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