2600 Michelson Dr, Irvine, CA 92612
This investment represents a mezzanine loan with a par value of $15.0 million collateralized by a 100% membership interest in the borrower of 2600 Michelson, a prominent 16-story office building and five-story parking structure located in Irvine, CA. KBS REIT was able to purchase the loan at a discount to the par value.
The 2600 Michelson property contains a net rentable area of 321,190 square feet. The property was built in 1986 and is located in the city of Irvine in Orange County, California east of the John Wayne Orange County Airport between MacArthur Boulevard and Jamboree Road. As of March 2008, the Property is 84.3% leased, with approximately 50,484 of vacant space.
Investment at a Glance
Location: Irvine, CA
Property Type: Class A Office
Investment Type: Mezzanine Loan
Acquisition Date: June 2, 2008
Loan Par Value: $15,000,000
Loan Term: 108 months
No. of Buildings: 1
No. of Stories: 16
Square Footage: 321,190 SF
Leased Percentage (at the time of Acquisition): 84.3%