Irvine, California, October 4, 2025
News Summary
Avenue Equities has completed the acquisition of the Cartwright Business Park in Irvine, California, for nearly $42.4 million. The park consists of six flex properties that cater to various uses, aligning with the growing market demand for versatile real estate solutions. In a notable transaction, Menlo Equities sold their Irvine Crossing data center for $180 million, highlighting the area’s robust commercial real estate activity. The MetLife Building’s management is transferring to CBRE as part of a significant operational shift.
Irvine, California – Avenue Equities has successfully completed the acquisition of the Cartwright Business Park for nearly $42.4 million. This business park features a portfolio of six flex properties, strategically located in Irvine, California. The acquisition marks a significant investment for Avenue Equities, which was founded by Arya Rashtchi.
The Cartwright Business Park consists of various types of flex spaces, which are versatile properties that can serve multiple purposes. These include areas for light manufacturing, office spaces, and distribution. This acquisition aligns with current market trends favoring flexible real estate solutions that cater to tenant diversification.
In a related transaction, Menlo Equities sold a sizable data center and warehouse, known as Irvine Crossing, for $180 million. This facility encompasses approximately 400,000 square feet, with its space leased primarily to two prominent tenants: Amazon and Cyxtera. Amazon occupies half of the facility as a distribution warehouse, while the other half operates as a data center.
The deal for Irvine Crossing, finalized in June, is notable for being the largest industrial property transaction in Orange County for that year. Menlo Equities previously acquired the property in 2011 for $47 million. The data center aspect of Irvine Crossing was formerly occupied by Savvis Inc., which was acquired by CenturyLink for $2.5 billion. Post-acquisition, CenturyLink’s data center operations transitioned to Cyxtera, which now labels the facility as LAX3 and boasts a total raised floor space of 115,000 square feet.
Cyxtera has recently announced plans to lease an entire 9MW Prime Data Centers facility in Santa Clara, California. Moreover, the company is gearing up for a significant financial move with a planned $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
In another development, an internal memo recently indicated that control of the MetLife Building at 200 Park Ave. will transition to CBRE. CBRE will assume roles as property manager, asset manager, and leasing agent for the MetLife Building. This shift marks the conclusion of Tishman Speyer‘s nearly two-decade investment in the property. Tishman acquired the building in 2005 for $1.7 billion.
CBRE has renewed its lease for 180,000 square feet at the MetLife Building until 2037. The building is currently 97% leased and has been modernized to align with current market trends, featuring major restaurants, a redesigned lobby, and a health and wellness center as part of a $200 million upgrade by Tishman Speyer. Both Irvine Company and CBRE representatives have emphasized that future management efforts will focus on sustainability.
CBRE is a major player in the real estate sector, managing an impressive $144 billion in commercial assets globally.
FAQ Section
What is the Cartwright Business Park?
The Cartwright Business Park consists of a six-building portfolio of flex properties located in Irvine, California.
Who acquired the Cartwright Business Park and for how much?
Avenue Equities, founded by Arya Rashtchi, acquired the Cartwright Business Park for nearly $42.4 million.
What notable transaction did Menlo Equities complete recently?
Menlo Equities sold a data center and warehouse known as Irvine Crossing for $180 million, which comprises around 400,000 square feet leased to two tenants.
What are the tenants of Irvine Crossing?
Half of Irvine Crossing is used as a distribution warehouse by Amazon, while the other half serves as a data center leased to Cyxtera.
What significant changes are happening at the MetLife Building?
Management control of the MetLife Building at 200 Park Ave. is transitioning to CBRE, marking the end of Tishman Speyer’s nearly 20-year investment in the building.
| Property | Details |
|---|---|
| Cartwright Business Park | Six-building portfolio, Acquired for $42.4 million |
| Irvine Crossing | Sold for $180 million, 400,000 sq ft, Tenants: Amazon & Cyxtera |
| MetLife Building | Management transition to CBRE, 97% leased, $200 million upgrade |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine California Business Park
- Google Search: Avenue Equities Irvine California Business Park
- Orange County Business Journal: Irvine Amazon Facility Trades for $180M
- Wikipedia: Amazon.com
- New York Post: NYC’s MetLife Building Picks Major Firm
- Encyclopedia Britannica: MetLife
- Orange County Register: Irvine-Based Golden State Foods Sells Majority Stake
- Google Scholar: Golden State Foods
Author: STAFF HERE BEVERLY HILLS WRITER
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