The EMMES Group of Companies (“EMMES”) has announced a partnership with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leader among global investment managers specializing in alternative investments, to recapitalize Centerview, a LEED Platinum, 625,000 SF Class A office property located in Irvine, California.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210803005872/en/
Centerview-a LEED Platinum, 625,000 SF Class A property located in Irvine, Calif. (Photo: Business Wire)
The recapitalization of Centerview, which earned the coveted BOMA Outstanding Building of the Year (TOBY) Award in 2019, follows the completion of a significant repositioning of the property, including full-building lobby renovations, significant exterior common area improvements, corridor and restrooms upgrades, new tenant amenities (including a sixty-person conference center, a tenant lounge with a boardroom, kitchenette, and communal seating, bike storage, lockers and showers), the addition of Tesla and EV chargers, various mechanical upgrades (including an elevator modernization, cooling tower replacement, parking automation system upgrades, and chiller overhaul), and the completion of a new corner retail development.
During a time when many office properties experienced a dramatic decrease in leasing activity as a result of the pandemic, the improvements made to the newly repositioned Centerview has resulted in more than 100,000 square feet of new leases over the past year. Prominent new leases include Allen Matkins Leck Gamble Mallory & Natsis LLP, Bryan Cave Leighton Paisner LLP, SOL Mexican Cantina, and Rate Plus, Inc..
“We are delighted to announce our new partnership with Oaktree at Centerview,” said Andrew Davidoff, chairman and CEO of EMMES. “Oaktree is a highly sophisticated global investor with deep local ties. The depth of their relationships dovetails well with EMMES’ operational expertise and our collective vision for Centerview.”
Under the new partnership, substantial additional investments will be made to further upgrade the property and provide additional enhancements to further solidify Centerview as a top-tier office and retail destination in the market.
“We’ve been impressed with the renovations to date and look forward to partnering with EMMES on the remaining improvements to the project,” said Mark Jacobs, Managing Director and Co-Portfolio Manager with Oaktree. “Centerview offers the type of workspace environment that companies will be looking for as they return to the office such as upgraded building systems, indoor/outdoor gathering spaces and an expanded amenity base.”
Located in the Irvine Concourse, Centerview is one of the best located and amenitized office properties in the Airport Area of Orange County. Since acquiring the property in 2017, EMMES has completely repositioned Centerview, including a multimillion-dollar renovation to the exterior plaza, which includes sprawling outdoors common spaces and quality restaurants, and the recently completed Eighteen Main – a restaurant pad consisting of 17,000 square feet that provides the opportunity for two-to-four additional restaurants at the property.
Founded in 1992, with offices in New York and California, The EMMES Group of Companies and its affiliates are engaged in real estate investments, funds management and real estate services. For additional information, please visit EMMES’ website at www.emmesco.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $153 billion in assets under management as of March 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
EMMES Realty Services of California LLC