MetLife Investment Management (MIM) and PGGM have paid $235.25 million for Intersect, a four-building creative office campus totaling 453,975 square feet in Irvine, Calif.
Hines was the seller.
“MIM was drawn to Intersect as an attractive investment through our pursuit of differentiated assets within their competitive markets alongside a backdrop of a growing technology presence as found in Orange County,” said Michael Vogt, portfolio manager at MIM. “MIM, with its real estate investment management capabilities, is thrilled to take on ownership of Intersect, which clearly benefited from its prior owner’s vision and execution.”
Intersect comprises four buildings located at 17877 & 17875 Von Karman Ave. and 17838 & 17872 Gillette Ave. in the Orange County Airport Area submarket of Irvine. The 15-acre site is less than three miles from John Wayne Airport and has immediate access to the 405 Freeway connecting the property to the Los Angeles and San
