KBS has sold Von Karman Tech Center, a 101,161 square-foot multitenant office building in Irvine, Calif.
The property, owned by KBS Growth & Income REIT, was sold in an off-market transaction for $25.4 million to private buyer Dayani Partners.
“Irvine matches well with KBS’ overall strategy of investing in strong tech markets throughout the country with solid employment and population growth,” said Rod Richerson, regional president, western United States, for KBS. “When KBS purchased this best-in-class office asset, we recognized this area of Irvine for its potential as an up and coming area for Orange County’s tech tenants. The area had a significant multifamily development pipeline and other walkable amenities that attract quality tenancy.”
Von Karman Tech Center was developed in 1980 and fully renovated in 2013-2014. KBS acquired the two-story asset in 2015 and recently invested in a multimillion-dollar renovation.
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