Irvine, California, October 4, 2025
News Summary
Avenue Equities, led by Arya Rashtchi, has successfully acquired the Cartwright Business Park in Irvine, California, for approximately $42.4 million. This deal involves a six-building portfolio of flex properties, showcasing the firm’s commitment to expanding its real estate presence in a hot market. The acquisition comes amid significant transactions in the region, including the recent sale of the Irvine Crossing property for $180 million, highlighting the area’s strong commercial real estate demand.
Irvine, California – Avenue Equities Acquires Cartwright Business Park for $42.4 Million
Avenue Equities, founded by Arya Rashtchi, has finalized the acquisition of the Cartwright Business Park in Irvine, California, for nearly $42.4 million. This significant investment encompasses a six-building portfolio of flex properties, marking a strategic step for the firm in enhancing its real estate footprint in the region.
The Cartwright Business Park is positioned in a prime location within Irvine, which is known for its strong commercial real estate demand. This acquisition reflects Avenue Equities’ ongoing commitment to expanding its portfolio and capitalizing on the dynamic market opportunities in Southern California.
Recent Real Estate Transactions in Irvine
In a related context, Menlo Equities recently sold a prominent property known as Irvine Crossing for $180 million. This facility comprises approximately 400,000 square feet and is currently leased to two major tenants. Notably, half of the space is utilized as a distribution warehouse for Amazon, while the other half operates as a data center leased to Cyxtera.
The sale of Irvine Crossing was completed in June and has been highlighted as the largest industrial property transaction in Orange County for the year. Menlo Equities had initially acquired the property in 2011 for $47 million, showcasing a considerable appreciation in value over the years. When Menlo purchased it, the data center was occupied by Savvis Inc., which was subsequently acquired by CenturyLink for $2.5 billion in the same year.
Furthermore, CenturyLink’s data center operations were later sold to Medina Capital Advisors and Longview Asset Management in 2017, creating Cyxtera. Today, Cyxtera uses the facility, designated as LAX3, offering 115,000 square feet of raised floor space. Cyxtera has also announced plans to lease an entire 9MW Prime Data Centers facility in Santa Clara, California, and is preparing for a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
Management Transition at the MetLife Building
An additional aspect of the ongoing changes in the real estate landscape includes the management transition of the MetLife Building at 200 Park Avenue. CBRE has been appointed as the new property manager, asset manager, and leasing agent for the building, marking the conclusion of Tishman Speyer’s nearly 20-year investment in the property. Tishman acquired the MetLife Building in 2005 for $1.7 billion.
Under CBRE’s management, which oversees $144 billion in commercial assets worldwide, the future focus will be on sustainability initiatives. CBRE has renewed its lease for 180,000 square feet at the MetLife Building until 2037. The building is currently 97% leased and has undergone extensive modernization, including a $200 million upgrade by Tishman Speyer that introduced major restaurants, a redesigned lobby, and a health and wellness center.
Conclusion
The recent changes in property ownership and management in Irvine and surrounding areas highlight the dynamic nature of the real estate market in this region. With new acquisitions and significant transactions, stakeholders continue to adapt to market trends and opportunities.
FAQ
- What is the purchase price of the Cartwright Business Park? The acquisition cost was nearly $42.4 million.
- Who sold the Irvine Crossing property? Menlo Equities sold the data center and warehouse known as Irvine Crossing for $180 million.
- What is the size of the Irvine Crossing property? Irvine Crossing comprises around 400,000 square feet (37,100 sqm) leased to two tenants.
- What are the main tenants in the Irvine Crossing property? Half of Irvine Crossing is used as a distribution warehouse by Amazon, and the other half serves as a data center leased to Cyxtera.
- What was the purpose of the management transition for the MetLife Building? CBRE will serve as property manager, asset manager, and leasing agent for the MetLife Building.
| Property Name | Type | Size | Tenant(s) | Purchase Price |
|---|---|---|---|---|
| Cartwright Business Park | Flex Properties | Six-building portfolio | Avenue Equities | $42.4 million |
| Irvine Crossing | Warehouse/Data Center | 400,000 sq ft | Amazon/Cyxtera | $180 million |
| MetLife Building | Commercial Office | 180,000 sq ft | Various tenants | $1.7 billion (Tishman’s purchase price) |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Acquires Cartwright Business Park
- Wikipedia: Commercial Real Estate
- Data Center Dynamics: Menlo Equities Sells to CBRE
- Google Search: Menlo Equities
- New York Post: MetLife Building Management Transition
- Google Scholar: Commercial Office Space
- Orange County Register: Golden State Foods Sale
- Encyclopedia Britannica: Irvine, California
- Orange County Business Journal: Irvine Amazon Facility Sale
- Google News: Real Estate Transactions in Irvine
Author: STAFF HERE SAN DIEGO WRITER
SAN DIEGO STAFF WRITER The SAN DIEGO STAFF WRITER represents the experienced team at HERESanDiego.com, your go-to source for actionable local news and information in San Diego, San Diego County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Comic-Con International, San Diego County Fair, and San Diego Pride Festival. Our coverage extends to key organizations like the San Diego Regional Chamber of Commerce and United Way of San Diego County, plus leading businesses in biotechnology, healthcare, and technology that power the local economy such as Qualcomm, Illumina, and Scripps Health. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
