Kelemen Co. Buys 300K SF Irvine Office Tower For $106M
One of Irvine’s trophy office properties near the John Wayne Airport, the 10-story Atrium, has traded for more than $100M.
In one of the biggest acquisitions made by the company, Kelemen Co. has purchased the 303K SF office building on 6.1 acres at 19100 and 19200 Von Karman Ave. from Barings Real Estate for $106.7M.
Newmark Knight Frank’s Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky represented the seller. Kelemen was self-represented.
“This is one of our largest transactions to date, and we have great plans in store for this asset,” a Kelemen official said in a blog post on the company's website.
Built in 1986, the Atrium underwent an extensive renovation in 2015. The office building, about a half-mile from John Wayne Airport, features a distinctive design and an enclosed 10-story atrium lobby with interior and exterior balconies.
The property is 90% leased with tenants including Premier Business Centers and Severson & Werson, according to a news release.
"The Atrium was an excellent mark-to-market opportunity in a uniquely designed building attracting both traditional and creative tenants," Newmark Knight Frank Executive Managing Director Paul Jones said in a news release.
Kelemen officials said they are planning to put $5.3M in capital improvements into the property, including upgrading the lobby with new water features and a coffee shop, replacing fluorescent lighting with LED lights and adding solar rooftop panels, creative office workspace, a new gym and a conference center.
