Economos DeWolf Brokers $15.7 Million Office Property Sale in Irvine

Economos DeWolf recently completed the sale of an office building situated at 2391 Morse Avenue in Irvine, California. The property, encompassing 22,193 square feet of office space, traded for $15.7 million, equating to a price of $707 per square foot. Steve Economos and Geoff DeWolf, representing Economos DeWolf, acted on behalf of both the undisclosed seller and the buyer in this transaction.

The building, formerly the headquarters for RiverRock Real Estate Group, has been renovated and features prominent frontage along the 5 Freeway. This strategic location enhances its appeal, offering high visibility and convenient access within the Irvine market. The sale price of $707 per square foot reflects the premium placed on quality, renovated office assets in desirable Southern California submarkets. This transaction indicates continued investor confidence in the Orange County office sector, despite broader market shifts. For developers, architects, and investors, this deal provides a current benchmark for valuation and market conditions for similar office properties, highlighting the importance of location and asset quality in competitive real estate landscapes.