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 includes a portfolio of six flex properties, showcasing Avenue Equities’ ongoing commitment to investing in the commercial real estate sector. The acquisition highlights the increasing demand for versatile real estate in dynamic markets like Irvine. Concurrently, Menlo Equities recently sold the Irvine Crossing property for $180 million, marking significant activity in Orange County’s real estate landscape.
Irvine, California – Avenue Equities, founded by Arya Rashtchi, has successfully acquired the Cartwright Business Park for an estimated $42.4 million. This acquisition comprises a portfolio of six flex properties situated within the Irvine area.
The Cartwright Business Park stands out as a significant addition to Avenue Equities’ holdings, indicating the firm’s continued investment into the commercial real estate sector, particularly in dynamic markets like Irvine. The six buildings within this portfolio offer versatile space that can be utilized for various business operations, catering to the evolving demands of tenants.
This news comes against the backdrop of Menlo Equities, another real estate entity, having recently made headlines with the sale of a large data center and warehouse known as Irvine Crossing for $180 million. This facility spans approximately 400,000 square feet and is currently leased to two major tenants: Amazon and Cyxtera. The deal, which closed in June, was recognized as one of the most significant industrial property transactions in Orange County for the year.
Menlo Equities initially acquired Irvine Crossing back in 2011 for $47 million. The substantial appreciation in value over the years underscores the growth and demand for industrial properties in Orange County. The facility is notably split between Amazon’s distribution warehouse and Cyxtera’s data center operations, reflecting the diversified interest in such real estate segments.
Cyxtera’s facility, known as LAX3, encompasses 115,000 square feet of raised floor space, further emphasizing the demand for data center space in the region. Recently, Cyxtera has made headlines with plans for a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC, showcasing confidence in the technology and data landscape.
Additionally, recent movements include a major transition regarding the MetLife Building at 200 Park Ave., which will now be managed by CBRE. The transition from Tishman Speyer, who acquired the building in 2005 for $1.7 billion, signifies a new strategic approach moving forward, particularly focusing on sustainability and modernization. CBRE, managing a vast $144 billion in commercial assets globally, will also oversee the MetLife Building as property manager and leasing agent.
This building has been modernized significantly, including a $200 million upgrade that has enhanced its appeal to tenants with features such as major restaurants, a redesigned lobby, and a health and wellness center. Currently, the MetLife Building maintains a 97% lease rate, illustrating its strong position in a competitive market.
The emphasis placed by both Irvine Company and CBRE on sustainability indicates a broader trend where commercial real estate now prioritizes environmental considerations, leaning towards eco-friendly practices that appeal to tenants and investors alike.
FAQ
What was the acquisition cost of the Cartwright Business Park by Avenue Equities?
The acquisition cost was nearly $42.4 million.
Who sold the Irvine Crossing property and what was the sale price?
Menlo Equities sold Irvine Crossing for $180 million.
What tenants occupy the Irvine Crossing facility?
Irvine Crossing is leased to two tenants: Amazon and Cyxtera.
What significant upgrades were made to the MetLife Building?
The building underwent a $200 million upgrade, which included major restaurants, a redesigned lobby, and a health and wellness center.
Key Features Chart
| Feature | Details |
|---|---|
| Acquirer | Avenue Equities |
| Acquisition Amount | $42.4 million |
| Property Type | Flex Properties |
| Location | Irvine, California |
| Selling Entity | Menlo Equities |
| Other Sale | Irvine Crossing sold for $180 million |
| Major Tenants (Irvine Crossing) | Amazon, Cyxtera |
| MetLife Building Manager | CBRE |
| Modernization Cost (MetLife) | $200 million |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine California Business Park
- Wikipedia: Irvine, California
- OC Business Journal: Irvine Amazon Facility Trades $180M
- Google Search: Menlo Equities
- OC Register: Golden State Foods Sells Majority Stake
- Encyclopedia Britannica: Commercial Real Estate
- Data Center Dynamics: Menlo Equities Sells Cyxtera Data Center
- Google News: Irvine Crossing
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MISSION VIEJO STAFF WRITER The MISSION VIEJO STAFF WRITER represents the experienced team at HEREMissionViejo.com, your go-to source for actionable local news and information in Mission Viejo, Orange 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 Oso Fit 5K Fun Run and Community Health Fair, Walk Against Drugs & Community Fair, and National Night Out. Our coverage extends to key organizations like the Mission Viejo Chamber of Commerce and Providence Mission Hospital Mission Viejo, plus leading businesses in retail and education that power the local economy such as The Shops at Mission Viejo, Capistrano Unified School District, and Amazon Delivery Station. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
