The Main Plaza office building in Orange County, California has traded hands following its acquisition by private equity real estate firm Shorenstein, from US REIT Maguire Properties. Shorenstein paid approximately $211 million (€135 million) for the property, including around $10 million of cash reserves and the assumption of $161 million of project level financing.
Located in the city of Irvine, the Main Plaza property comprises two 12-story class A office buildings and two free-standing buildings totaling approximately 607,000 square feet of space. The deal is expected to close in the third quarter of 2008.
San Francisco-based Shorenstein has been busy acquiring office buildings over the past few months. In May, the firm acquired two former Macklowe office buildings in New York City, paying an undisclosed sum for a 94 percent interest in the Park Avenue Tower and 850 Third Avenue buildings. The buildings were among seven properties Harry Macklowe had been forced to give back to lenders, led by Deutsche Bank, after failing to refinance $5.8 billion worth of loans.
Also in May, the private real estate firm acquired the 5 Post Oak Park office buildings in the Galleria submarket of Houston, Texas, from a partnership between GE Asset Management and Crescent Real Estate Equities. The deal was made through Shorenstein Realty Investors Nine, which the firm upsized earlier this year, bringing its latest real estate vehicle to $2 billion.