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WINDWATER BLOG

SOLD: $15.7M for Renovated Creative Office Building

A two-story, creative office building located in the Jamboree Business Center in Irvine was sold to a private investor as a triple-net leased investment for $15.7M.

Built in 2000, 2860 Michelle Drive in Irvine, is a Class B fully functioning office building. Kelemen Caamano Investments acquired the 41,064 square-foot property back in 2014 with plans to redevelop the entire building into a modern workspace.

Two years were allotted for the renovations and stabilization of the property. Construction was completed last year, earning the building a Caliber Award nomination for Best Interior Improvements.

“This was one of our very first title 24 compliant projects and we are very pleased with the design outcome and overall leasing success in the building,” said Tibor Kelemen, President of Kelemen Caamaño Investments. “This property is a prime example of the shift in tenant demand for attractive, modern workspaces, and that true creative office space is here to stay.”

Working with award-winning architect Ware Malcomb, Kelemen Caamano Investments invested $4M to create a vibrant, modern setting by combining reclaimed wood walls, Carrera marble with high exposed ceilings, polished concrete floors and glass partitions to make the suites bright and inviting.

The building’s amenities help attract and retain talent, and offers what other office buildings often lack. Common area break rooms and collaborative areas fuel creativity and encourage teamwork. The lounge area complete with ping-pong and foosball table, shuffle board, lunch tables, outdoor patio and TVs creates a playful living-room-like atmosphere for all the tenants and their employees.

Rob Rader, VP of Wind Water Realty and NGKF represented the Seller, Kelemen Caamano Investments.

The property is currently managed by Wind Water Realty. For more information on additional creative office spaces available in Orange County, visit the Properties Page.