WindWater Real Estate team stabilizes property, then sells building at $416 Per Square Foot
(See before and after pictures below of building transformation)______________
17922 Fitch, a creative office building located in the airport area officially sold for $10.5 million - $416 per square foot.
Prior to the sale of the building, the WindWater Real Estate team headed up the leasing assignment which successfully turned the vacant building into a 100% leased, stabilized project.
17922 Fitch is the sixth stabilized asset that the WindWater team was able to add to the owner’s commercial real estate investment portfolio (over 250,000 square feet in Orange County).
“WindWater Real Estate has been an invaluable partner in our strategy of acquiring, leasing, and disposition of real estate assets,” said John Chen, Real Estate Investor.
“From the start WindWater recognized our goals and what we were looking to achieve for our investors. They identified this region as underserved by creative office space and brought this deal to us.”
In 2015, the two-story, 25,232 square-foot building embarked on a $3.5 million renovation led by Gensler, a world-renowned architect and KPRS. The goal was to transform the outdated building into a contemporary environment to fulfill the demand for this type of office product in Irvine.
“Once we embarked on the renovations, the WindWater leasing team hit the ground running and overcame the challenges of the old tired space and focused on what the space could become. Not only did we set benchmarks in the rents in the area, leases were signed prior to the start of construction,” added John.
It was evident that companies were immediately attracted to the renovations and amenities once the building started taking on its new form. There are currently four tenants occupying the building, all of which specialize in the media/tech industry.
Some of the amenities and improvements included: open floor plans with exposed ceilings, polished concrete floors, floor-to-ceiling glass perimeter windows, LED light fixtures, and roll-up garage doors in each suite that open up to the outdoor lounge area with wifi access and a built-in bbq grill.
17922 Fitch is a great example of a workspace that gave tenants confidence in their brands and balanced the work-life culture.
Be sure to visit our website to see all current investment opportunities in Orange County, or call 949-231-5022 to speak to one of our real estate experts about your next investment move.
BEFORE AND AFTER PHOTOS
17922 Fitch (Exterior)
17922 Fitch (Main Lobby)
17922 Fitch (Downstairs Suite)
17922 Fitch (Conference Room)
17922 Fitch (Open Area)
17922 Fitch (Courtyard)