Cushman & Wakefield announced today that it served as the exclusive advisor to Pacific Bell Telephone Company, a wholly-owned subsidiary of AT&T, Inc., in the sale of a 191,647-square-foot, Class A office property located in the downtown Anaheim Civic Center market. The property was sold to The PRES Companies, a privately-held fully-integrated commercial real estate firm based in Irvine, Calif.
“This transaction was a true win-win for both parties. AT&T achieved premium pricing for its corporate real estate and PRES can contribute to the revitalization of Downtown Anaheim by repositioning this Class-A asset,” said Jeffrey Cole, Executive Director with Cushman & Wakefield. “The location is ideal for business tenants with proximity to Anaheim City Hall, the Main Library, Disney Ice, the Farmer’s Market and newly built apartments, lofts and condos. There is nowhere else in Central Orange County that has these prime amenities.”
Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez, Rick Ingwers, Brad Rogers, Roger Gage and Michael McMillan represented AT&T in the sale.
The property, located at 200 W. Center Street Promenade, is an eight-story office building situated on 1.187 acres in the recently revitalized downtown Anaheim.
PRES purchased the property as an investment with the intention of leasing it to users ranging from 25,000 square feet to 191,647 square feet of contiguous space. The property provides a parking ratio in excess of 5.0/1,000 and is a value-add opportunity with asking rates for Class A space in the Central Orange County office market averaging $1.99 per square foot.