Irvine, California, October 4, 2025
News Summary
Avenue Equities has acquired the Cartwright Business Park in Irvine, California, for nearly $42.4 million. The six-building portfolio of flex properties enhances Avenue Equities’ growing real estate portfolio as they target high-potential commercial assets in tech-driven areas. Meanwhile, Menlo Equities sold the Irvine Crossing data center and warehouse for $180 million, marking a significant industrial property transaction in Orange County. Additionally, management control of the MetLife Building shifts to CBRE, signaling new updates and continued investment in commercial real estate.
Irvine, California – Avenue Equities, a real estate investment firm founded by Arya Rashtchi, has successfully acquired the Cartwright Business Park for nearly $42.4 million. This strategic purchase, which was finalized recently, consists of a six-building portfolio of flex properties located in the city of Irvine.
The Cartwright Business Park adds to Avenue Equities’ growing portfolio as the firm continues to target high-potential commercial real estate assets. The acquisition highlights a significant investment as companies and investors look towards markets with robust economic activity, particularly in tech-driven areas like California.
Separately, Menlo Equities has recently sold its Irvine Crossing, a data center and warehouse, for $180 million. This property is approximately 400,000 square feet and is leased to two key tenants, including Amazon, which utilizes half of the space as a distribution warehouse. The other half is occupied by Cyxtera, which operates a data center in that portion of the building. This sale, which closed in June, has been noted as the largest industrial property transaction in Orange County for the year.
Menlo Equities acquired the Irvine Crossing property in 2011 for $47 million. Since its purchase, there have been significant strategic developments, including the transition of the data center from its original occupant, Savvis Inc., to Cyxtera after Savvis was acquired by CenturyLink. The facility, referred to as LAX3, provides a substantial 115,000 square feet of raised floor space. Cyxtera has also been active in expanding its footprint, recently announcing the leasing of an entire 9MW Prime Data Centers facility in Santa Clara, California, alongside plans for a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
In a related development, an internal memo has revealed the upcoming transition of management control of the MetLife Building at 200 Park Ave. to CBRE. This shift marks the conclusion of Tishman Speyer’s nearly two-decade investment in the building, which it acquired in 2005 for $1.7 billion. Under the new management, CBRE, which oversees $144 billion in commercial assets globally, will serve as property manager, asset manager, and leasing agent. This partnership emphasizes a commitment to sustainability and modernizing the building to meet current market demands.
The MetLife Building, which is currently 97% leased, has undergone a significant $200 million upgrade by Tishman Speyer. Enhancements include major restaurants, a redesigned lobby, and a health and wellness center, making it attractive to potential tenants. CBRE has renewed its own lease for 180,000 square feet at the building until 2037.
Avenue Equities’ acquisition of Cartwright Business Park signifies ongoing interest and investment in commercial real estate in Irvine, reflecting a broader trend in urban property investments where demand remains strong despite market fluctuations.
FAQ
What is the price of the Cartwright Business Park acquisition by Avenue Equities?
Avenue Equities acquired the Cartwright Business Park for nearly $42.4 million.
What does Cartwright Business Park consist of?
The Cartwright Business Park consists of a six-building portfolio of flex properties.
Who sold the Irvine Crossing property, and for how much?
Menlo Equities sold the Irvine Crossing property for $180 million.
What is the size of the Irvine Crossing property?
The Irvine Crossing property comprises around 400,000 square feet (37,100 sqm).
What percentage of the MetLife Building is currently leased?
The MetLife Building is currently 97% leased.
Key Features
| Feature | Cartwright Business Park | Irvine Crossing | MetLife Building |
|---|---|---|---|
| Location | Irvine, California | Irvine, California | 200 Park Ave, New York |
| Acquisition Price | $42.4 million | $180 million | $1.7 billion (purchase price) |
| Size | Six-building portfolio | 400,000 sq ft | 180,000 sq ft leased |
| Occupants | Flex properties | Amazon & Cyxtera | Various tenants |
| Current Lease Status | N/A | N/A | 97% leased |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine, California Business Park
- Wikipedia: Irvine, California
- Data Center Dynamics: Menlo Equities Sells Cyxtera Data Center
- Google Search: Menlo Equities Sells Data Center
- New York Post: NYC’s MetLife Building Picks Major Firm
- Google Scholar: MetLife Building Management
- OC Register: Golden State Foods Sells Majority Stake
- Encyclopedia Britannica: Private Equity
- OC Business Journal: Irvine Amazon Facility Trades for $180M
- Google News: Amazon Facility Irvine
Author: STAFF HERE CORONADO
The Coronado Staff Writer represents the experienced team at HERECoronado.com, your go-to source for actionable local news and information in Coronado, 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 the Coronado Island Film Festival, productions at Lamb’s Players Theatre, community workshops at John D. Spreckels Center, and iconic celebrations at Hotel del Coronado. Our coverage extends to key organizations like the Coronado Chamber of Commerce and Visit Coronado, plus leading businesses in hospitality, dining, and tourism that drive the local economy. As part of the broader HERE network, including HERESanDiego.com, HEREHuntingtonBeach.com, HERELongBeach.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
