MGR Real Estate continues its streak of office acquisitions in Orange County with its most recent purchase of 2020 Main Street, Irvine CA. The 12-story, 271,000-square-foot class A office building is located within the premier, master-planned office development, the Irvine Concourse, and was acquired for $53.7 million, equating to $195 per square foot. The vacancy upon close of escrow was at 66% and MGR has signed approximately 27,000 SF of new deals since closing.

The deal marks MGR’s second major office acquisition in Orange County and stands as the largest office acquisition in Orange County year to date. In July 2023, MGR acquired the 5-building, 553,000 square foot creative office campus, Canvas Costa Mesa, for $91.5 million — approximately $165 per square foot.

“We are proud to announce our most recent major acquisition in Orange County with 2020 Main. The building is a great ‘Main and Main’ class A office tower within a well-maintained professional office park. We will continue to be bullish on the office market and look forward to our next acquisition in Orange County. If you look at the traffic on the freeways, you can see that people are starting to return to office which is contrary to what has been published about office buildings in the news media,” says MGR Real Estate’s CEO and founder, Michael G. Rademaker.