EMMES Nabs OC Towers in $220M Value-Add DealBy
An affiliate of The EMMES Group of Companies has acquired Main Plaza, two Class A, 12-story office towers in Irvine, Calif., marking the firm’s return to the Orange County commercial real estate scene. The development also includes two retail pads with restaurants El Torito Grill and McCormick & Schmick’s as tenants.
The privately owned real estate services advisory firm did not disclose the amount it paid for the 625,000-square-foot office development but Yardi Matrix data shows that the transaction closed in April for $220 million. The portfolio was sold by San Francisco-based Shorenstein, which had owned the property in the Airport Area submarket since 2008, when it bought the buildings from MPG Office Trust for $211 million, according to Yardi Matrix. The property was part of a $2.9 billion, 24-property portfolio MPG Office Trust acquired from Equity Office Properties Trust in April 2007…
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