ORANGE, CALIF. — CalOptima has purchased a mid-rise office building located at 505 City Parkway in Orange. The provider of health coverage to low-income families to occupy a majority of the building's 203,462 square feet.
According to local reports, the company had outgrown its previous offices near St. Joseph Hospital-Orange. The company could lease as much as 130,000 square feet of the building by 2014. The purchase price was reported to be $30.2 million.
The Jones Lang LaSalle team of Grant Freeman, Ronda Clark and Joe Bevan represented CalOptima in the deal. The seller, The Abbey Company, was represented by the CB Richard Ellis team of Rickey Warner, Peter Wells and Mark Friend.
505 City Parkway is one of three buildings that make up the City Parkway office complex. The complex contains twin 10-story buildings and a four-story building that total 460,000 square feet. The Abbey Company purchased the property from Maguire Properties in May 2009.
— Coleman Wood