MetroCenter, an office campus in Costa Mesa, California, was acquired through the joint venture of Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial, Inc. and McCarthy Cook & Co., a real estate investment and development firm specializing in office, life science and mixed-use real estate assets.
"We are thrilled to have the opportunity to partner with PREI to transform an extremely well-located property into an inspiring campus where people can work together in a collaborative indoor and outdoor environment," said Edward Cook, co-CEO with Tom McCarthy of McCarthy Cook & Co. "We think the new MetroCenter will set the standard in Orange County as the office location where successful firms choose to locate."
According to their press release in Business Wire, the partnership between Prudential Real Estate Investors and McCarthy Cook & Co. aims to renovate the 800,826-square-foot office campus. MetroCenter is located on a 15-acre campus and includes three 12-story office buildings and a three-story health club facility. The property is ideally located near the coastal residential communities of Newport Beach, Laguna Beach and Corona del Mar, and is a walk away from the high concentration of luxury retailers, upscale restaurants, art and entertainment venues, and high-quality hotels in Orange County.
"With projections for outsized employment growth relative to the nation and limited new office construction, we believe Orange County's office market has considerable room to grow before approaching pre-recession peaks," said Kevin R. Smith, head of the Americas at PREI. "We are pleased to partner with McCarthy Cook & Co. to transition MetroCenter into a more dynamic, amenity-rich workplace for current and prospective tenants, while also providing our clients with an investment opportunity that capitalizes on the area's rapidly improving economic fundamentals."
A conference center, tenant lounge, and rooftop decks will be added in the facility, along with the plaza renovation with collaborative outdoor space and updated lobbies and corridors.
