IRA Capital Acquires Premier Orange County Office for $103 Million
November 29, 2021 IRA Capital (“IRA”) is pleased to announce the acquisition of 2722 Michelson, a Class-A creative office campus on approximately 9 acres of land at the intersection of Jamboree Road and Michelson Drive in the City of Irvine. The prominent location is the gateway corner to the Irvine Business Complex (“IBC”) and is near John Wayne airport with convenient access to the 55, 405, and 73 freeways. Known locally as the former headquarters of St John Knits, the building was recently renovated in 2019 and is 100% leased to Anduril Industries. The building features 24 foot ceilings, a light-filled open plan that encourages collaboration, multiple meeting spaces, a fitness center, landscaped courtyards, and a well-equipped kitchen and cafeteria. The IBC has undergone significant redevelopment over the past decade with residential, retail, and Class-A office projects, including Trammel Crow’s 550,000 square foot Boardwalk office project situated on the same block as the property.
The tenant, Anduril Industries, is a growth-stage defense contractor led by executives from Oculus, Palantir, SpaceX, and Google. Anduril’s groundbreaking artificial intelligence products have applications in military and border security and are used by government agencies worldwide. After a recent $450 million fundraising round, Anduril’s valuation has doubled to $4.6 billion in a little over a year.
IRA has been strategically active in the past six months after having sold a $700 Million healthcare real estate portfolio in August. In October, IRA acquired the Live Nation concerts division headquarters in Beverly Hills for $153 Million and a $42 Million apartment portfolio in Long Beach. According to IRA Capital co-founder Samir Patel, “Anduril is one of the most impressive companies at the forefront of defense and technology, and we are pleased to have them as a new tenant in our portfolio. Given the high-profile IBC location and underutilized 9-acre land parcel, IRA Capital is excited about the long-term potential for the site.” IRA is continuing to diversify its real estate portfolio across sectors including healthcare, office, and multifamily — with approximately $1 Billion of acquisitions planned before year-end.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. IRA invests in commercial real estate assets throughout the United States and has a private equity/venture capital platform that invests in operating companies across various sectors. Headquartered in Irvine California, IRA has acquired over seven million square feet of property in 30 states, valued in excess of $2.5 Billion.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications
email@example.com / 949.612.2742
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