LOS ANGELES, Aug. 10, 2021 -- Pacific Oak Strategic Opportunity REIT, Inc. announced today the completed sale of City Tower, a 435,000-square-foot Class A office tower in Orange to Opal Holdings, a New York-based real estate investment firm. The $150.5 million transaction sets the high-water mark for office sales in Orange County year-to-date.
Located at 333 City Boulevard, the 20-story LEED Gold certified building was 90% leased at the time of sale to prominent tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, the property recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and building entryway.
"We increased occupancy by almost 15% over the past three years and are proud of the improvements and value we created during our ownership," said Michael Potter, senior vice president of Pacific Oak Capital Advisors. "We think our ability to close deals in a challenging environment highlights that there is always a market for well-located, high-quality assets with strong tenancy."
Situated in Central Orange County, City Tower is the county's fourth-tallest building and features a distinctive architectural design, expansive window line, contemporary interior finishes, a dual-elevator lobby and abundant parking. The property's location provides direct freeway visibility from three major freeways and its proximity to Angel Stadium, Honda Center and Disneyland Resort and Theme Park adds to its appeal.
About Pacific Oak Strategic Opportunity REIT
Pacific Oak Strategic Opportunity REIT, Inc. is a public, non-traded corporation headquartered in Los Angeles, California, that has elected to be taxed and currently qualifies as real estate investment trust. The REIT invests in opportunistic real estate and other real estate-related investments and manages a portfolio valued in excess of $2 billion1 comprised primarily of office, apartment, single-family rental and hotel assets.
1 Reflects the December 2020 net asset value ("NAV") for real estate and investments in unconsolidated joint ventures, adjusted for subsequent acquisitions and dispositions, plus the June 30, 2021 value for equity securities, for investments in the portfolio as of June 30, 2021. Value has been adjusted for the company's share of consolidated and unconsolidated joint ventures. For more information, see the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 10, 2020.
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