(IRVINE, CA) – Hines, the international real estate firm, announced today that it has acquired Quintana (the former Washington Mutual Campus), a Class A office campus in Irvine, CA. Financials on the deal were not disclosed.
The campus is comprised of four buildings totaling 430,000 square feet on 15 acres. Hines has planned an extensive, $15 million capital improvement program which will transform the asset into the most unique and differentiated campus environment in the Airport Sub-market. The strategic capital upgrades will focus on improving the expansive open spaces and common areas to include new conference and fitness center amenities, functional outdoor workspaces, new lobbies and restrooms, upgraded landscaping and potential retail offerings.
Quintana is currently 13 percent leased and offers one of the largest contiguous vacancies and significant opportunities in Orange County exceeding 375,000 square feet across three buildings. Hines has assumed property management responsibilities for the property.
Located at the center of the Airport Area, the campus has prominent visibility and provides immediate access to the San Diego (I-405) and Costa Mesa (SR-55) freeways and close proximity to the Santa Ana (I-5), Corona del Mar (SR-73), and Laguna (SR-133) freeways. More than 15 restaurants and bars, two health clubs, and four hotels are within walking distance, and the property is situated less than a mile from the John Wayne Airport.
Hines Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “We are excited about another significant office opportunity in Orange County. Quintana is truly a unique campus offering, and with the major capital improvement plans focused on providing both business and lifestyle functionality, the project will be well-positioned to attract a wide range of tenants from across Orange County and Southern California.”
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.