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Transactions - APRIL 9, 2014

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IN-DEPTH: Lincoln Property sells office complex for $129m

by Andrea Waitrovich

Lincoln Property Co. and partner Angelo, Gordon & Co. have sold Griffin Towers, a class A trophy office complex in Santa Ana, Calif. Here’s an in-depth look of the deal.

 

THE DEAL

The joint venture sold the twin building office project to Equity Office, an affiliate of The Blackstone Group, for $129 million, or $236 per square foot. CBRE represented the seller, and Blackstone was self-represented.

The property sale represents the largest commercial transaction in Orange County so far this year.

A $57.6 million loan was assumed from a $62 million first mortgage financed by the

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