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Laguna Hills office building, Plaza Pointe, has sold for $15.5 million, a significant drop from its 2019 sale price of $74.3 million. The buyer remains anonymous, while the seller was View Point, linked to View Pointe LLC and members Gor Mnatsakanyan, Hayk Mnatsakanyan, and Andrew Harper.
The sale reflects a downturn in the South Orange County office market, with increasing vacancy rates and a shift towards remote work. The building's value has plummeted 79% since its purchase six years ago, from $1,093 per square foot to $228 per square foot. Tenants include Kaiser Permanente, Data Center Warehouse, and Terracon.
The sale marks a collapse in the office market across the US, with South Orange County office vacancy rates reaching 13% in the third quarter of last year. The building was previously purchased by View Pointe for $15.5 million from Lincoln Property Group in 2023, who bought it from Lincoln Property Group in 2019 for $74.3 million.
