Prudential Real Estate Investors has acquired MetroCenter at South Coast, an office complex in Costa Mesa, California, in a joint venture with McCarthy Cook & Company, a real estate investment and development firm.
McCarthy Cook & Co., which formerly owned and is headquartered at MetroCenter, will serve as the property manager and leasing agent.
Prudential Real Estate Investors (PREI) is part of Prudential Financial, the US-based insurance group.
Terms of the transaction were not disclosed.
The joint venture intends to renovate and add to MetroCenter, which covers 15 acres and includes three 12-storey office buildings. The complex is within a short walking distance of Orange County's luxury retailers, restaurants and hotels.
"With projections for outsized employment growth relative to the nation and limited new office construction, we believe Orange County's office market has considerable room to grow before approaching pre-recession peaks," said Kevin Smith, head of the Americas at PREI.
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