A joint venture between the Praedium Group LLC and ORION Property Partners today announced the acquisition of the Irvine Spectrum Office Plaza in Irvine, Calif., for $15.1 million.
The property, a three-story, 65,030-square-foot, class A complex, was acquired from Banyan Realty Group. The building comprises 28 office suites ranging in size from just under 1,000 square feet to more than 5,000 square feet.
This acquisition marks the second joint transaction between Praedium and ORION Property Partners. Previously, the two firms acquired Alicia Office Park, a six-building 113,000-square-foot office campus located in Laguna Hills, Calif., for $22 million in September 2005.