KBS, on behalf of its Strategic Opportunity REIT, has hired Cushman & Wakefield to perform a breadth of services, including leasing, property management, and project management for City Tower, a class-A, 435,177-square-foot office high-rise in Orange, California.
Located at 333 City Boulevard West, the 21-story building was recently acquired by the REIT for $147 million from Torchlight Investors, as SoCal Real Estate reported. The building represents the tallest office tower in central Orange County and the third tallest office building in all of Orange County.
John Harty, executive managing director and Jason Ward, managing director, of Cushman & Wakefield’s local Orange County office will lead the leasing-services team. Mitch Sigband, director, and Lorraine Drown, senior property manager of the firm, will lead the property-management team. Johnathan Haghani, project manager, and Karinna Cassidy, senior managing director, asset services, of Cushman & Wakefield will provide additional support to the management team, with Paul Klink, executive managing director, investor services, serving as advisor for all three service lines.
Harty calls City Tower “a best-in-class office property that has long-been an iconic fixture in Orange County.” He says KBS plans to provide major enhancements to the asset, which will allow it to continue to attract and retain the best tenants.
The building is approximately 78 percent leased to a number of national, credit tenants and regional professional service firms. Ward says, “A superior option for businesses, City Tower currently offers tenants a variety of small and large spaces immediately available for occupancy.”
City Tower was developed in 1988 and in 2015 underwent a multi-million-dollar partial renovation. KBS says in the coming year it plans to make additional improvements that will add to the property’s appeal. Renovations will include updates to the exterior entrance and lobby, an indoor/outdoor tenant lounge and a fitness facility complete with locker rooms, showers and towel service.
City Tower is a LEED-Gold certified trophy asset with an Energy Star designation. The marquee high-rise features an elegantly finished lobby and is surrounded by lush landscaping. Other key features include panoramic regional views, a six-level parking structure and on-site amenities including full-service car detailing and a dedicated café. The property’s sought-after location also lends access to retail, cultural, entertainment, and expanding housing options, as well as to multiple major freeways and public transportation services.
Sigband says the assignment dovetails with C&W’s strategy of expanding its relationship with KBS from a national perspective. “City Tower is recognized as one of the premier high-rise office buildings in all of Orange County, and we are pleased to add this asset to our Southern California portfolio and steward it to further prominence in the central Orange County market.”