Irvine, California, October 4, 2025
News Summary
Avenue Equities has acquired the Cartwright Business Park in Irvine, California, for approximately $42.4 million. This six-building portfolio adds to Avenue’s investments and boosts its presence in the Orange County commercial real estate market. The acquisition follows Menlo Equities’ recent $180 million sale of Irvine Crossing, a data center and warehouse primarily occupied by Amazon and Cyxtera. Additionally, CBRE will take over management of the MetLife Building, highlighting ongoing developments in the market.
California – Avenue Equities has successfully acquired the Cartwright Business Park located in Irvine, California, for nearly $42.4 million. This acquisition marks a significant addition to Avenue Equities’ investment portfolio, which is led by founder Arya Rashtchi. The Cartwright Business Park comprises a six-building portfolio of flex properties. The deal is poised to enhance Avenue Equities’ presence in the commercial real estate market, particularly in Orange County.
The Cartwright Business Park acquisition comes shortly after another major transaction in the area. Menlo Equities sold a data center and warehouse known as Irvine Crossing for $180 million. Comprising approximately 400,000 square feet, Irvine Crossing is currently leased to two tenants. Notably, half of the property is utilized as a distribution warehouse for Amazon, while the other half functions as a data center leased to Cyxtera.
The deal for Irvine Crossing, finalized in June, was remarkable as it represented the largest industrial property transaction in Orange County for that year. Menlo Equities, which originally purchased the Irvine Crossing in 2011 for $47 million, capitalized on a substantial increase in property value over the years. The deal not only underlines the shifting dynamics in the Orange County commercial real estate market but also reflects the growing demand for industrial spaces.
The data center portion of Irvine Crossing was initially occupied by Savvis Inc. until it was acquired by CenturyLink for $2.5 billion. CenturyLink later sold its data center business in 2017 to Medina Capital Advisors and Longview Asset Management, leading to the formation of Cyxtera. This facility, branded as LAX3, provides a total raised floor space of 115,000 square feet and has made strides in expanding its footprint with recent announcements of leasing an entire 9MW Prime Data Centers facility in Santa Clara, California. Additionally, Cyxtera is in the process of planning a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
In related news, an internal memo regarding the management of the MetLife Building at 200 Park Ave. revealed a transition of control to CBRE. CBRE will take on the roles of property manager, asset manager, and leasing agent for the MetLife Building, marking the end of Tishman Speyer’s nearly 20-year investment in the property. Tishman acquired the MetLife Building in 2005 for $1.7 billion and had since carried out significant upgrades amounting to $200 million to modernize the building.
Under CBRE’s management, the MetLife Building, which is currently 97% leased, emphasizes sustainability following current market trends. The building has undergone extensive enhancements including the addition of major restaurants, a redesigned lobby, and a health and wellness center. Furthermore, CBRE has renewed its lease for 180,000 square feet at the MetLife Building, ensuring its presence in the property until 2037.
CBRE is known for managing $144 billion in commercial assets globally, reflecting its significant expertise in the commercial real estate sector.
FAQ
- Who acquired the Cartwright Business Park?
- Avenue Equities acquired the Cartwright Business Park for nearly $42.4 million.
- What does the Cartwright Business Park consist of?
- The Cartwright Business Park consists of a six-building portfolio of flex properties.
- Where is the Cartwright Business Park located?
- The Cartwright Business Park is located in Irvine, California.
- What major property sale occurred prior to Avenue Equities’ acquisition?
- Menlo Equities sold a data center and warehouse known as Irvine Crossing for $180 million.
- Who are the current 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 recent restructuring announcement was made regarding the MetLife Building?
- An internal memo announced the transition of management control of the MetLife Building at 200 Park Ave. to CBRE.
| Feature | Details |
|---|---|
| Avenue Equities Acquisition | Cartwright Business Park for $42.4 million |
| Property Composition | Six-building portfolio of flex properties |
| Location | Irvine, California |
| Menlo Equities Sale | Irvine Crossing for $180 million |
| Current Tenants of Irvine Crossing | Amazon (distribution warehouse) and Cyxtera (data center) |
| CBRE Management Transition | Management control of MetLife Building |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine California Business Park
- Data Center Dynamics: Menlo Equities Sells Cyxtera Data Center and Amazon Warehouse in LA
- OC Register: Irvine-Based Golden State Foods Sells Majority Stake to Private Equity Firm
- Wikipedia: Commercial Real Estate
- Google Search: Irvine commercial real estate
Author: Anaheim Staff Writer
Anaheim Staff Writer The Anaheim Staff Writer represents the experienced team at HEREAnaheim.com, your go-to source for actionable local news and information in Anaheim, 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 major conventions at the Anaheim Convention Center, including NAMM and VidCon, exciting games at Angel Stadium and Honda Center, and developments at Disneyland Resort Our coverage extends to key organizations like the Anaheim Chamber of Commerce and Visit Anaheim, plus leading businesses in hospitality, entertainment, and innovation that power the local economy As part of the broader HERE network, including HERECostaMesa.com, HEREHuntingtonBeach.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
