Dealmaker: New York Life Originates $100M in California

New York Life Real Estate Investors originated $100 million for Quintana office campus, a 422,000-square-foot Class A Irvine, Calif. office property.

HFF and Cushman & Wakefield represented seller Menlo Equities, Palo Alto, Calif. Hines, Houston, purchased Quintana Office Campus for an undisclosed amount on August 6.

Quintana office campus includes four buildings in the core Airport Area submarket of Orange County, one fully leased to Xerox Corp. subsidiary StrataCare and the other three currently vacant. It represents the largest block of contiguous office space currently available for a large user in Orange County and the only remaining big block in the Airport Area. The five-year floating-rate debt package will finance Hines’ acquisition, redevelopment and re-tenanting of the property.

“With the major capital improvement plans focused on providing both business and lifestyle functionality, Quintana will offer significant office opportunities to tenants from across Orange County and Southern California,” said Ray Lawler, Hines’ managing director in Orange County.

Kevin MacKenzie, senior managing director with HFF, led the debt placement team. HFF Senior Managing Directors Ryan Gallagher and Michael Leggett, Managing Director Mike McCann and Associate Director Derreck Barker led the investment sales team. Cushman and Wakefield’s team included executive director Jeff Cole and Ed Hernandez.

“This financing was a creative solution for a strong sponsor, secured by a solid office property in a rapidly improving market,” said New York Life Real Estate Investors Senior Director Kirk Kniss, who manages the firm’s San Francisco regional office.