Los Angeles– July 12, 2016 – CBRE Group, Inc. completed the sale of a 8,872 square foot two-story historic office building in the Old Towne Orange Plaza Square, commonly known as the “Swift & Swift Building,” for a record $4.45 million.
CBRE’s Peter Wells, Taylor Friend and Justin Hill represented the seller, Swift & Swift. The full-service tax and accounting firm based in Orange, CA has been in business for 59 years.
The company has occupied the building, located at 10 Plaza Square in the Old Town Historic District, since purchasing the property in 1962. The building was originally a bank when downtown Orange was the central financial district of Orange County and still contains two original walk-in vaults.
“This is a sought-after and extremely unique location. It is one of a kind” said Friend. “There are very few sales of historic buildings as well located as this within the greater Orange County region. However the 100+ year-old building required a special touch in the sales process to deal with the intricacies of achieving a premium price for a building which cannot be torn down or modified beyond interior improvements.”
The property is within walking distance of Chapman University, the Orange Metrolink/Amtrak Depot and a variety of shops and restaurants in Old Towne Orange. “The half mile radius surrounding The Plaza in Orange has seen abundant growth in retail and office uses, specifically restaurants and this is driving huge demand for properties in this area” said Wells.
Strong employment growth and very low vacancy has buoyed office construction in Orange County, according to CBRE’s second-quarter research report. New product may slow rental growth and push up vacancy rates but both of these trends should be viewed as welcome signs for occupiers and not the catalysts of a slowdown.
The buyer is a private, undisclosed individual who is looking forward to preserving the historic look and feel of the building and the Plaza Square while maximizing potential value through steadily increasing rental rates, according to Friend.
In coordination with the sale of this historic property CBRE, Inc. also secured the purchase of Swift & Swift’s new location at 1006 E. Chapman, where the firm will continue to operate and serve their clients.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
