The Abbey Company Completes Acquisition of City Parkway Office Buildings, Orange,...

Wed Jun 3, 2009 12:40pm EDT

* Reuters is not responsible for the content in this press release.

The Abbey Company Completes Acquisition of City Parkway Office Buildings,
Orange, CA

LONG BEACH, Calif., June 3 /PRNewswire/ -- The Abbey Company is pleased to
announce its latest commercial property portfolio addition with the purchase
of City Parkway. Acquired from Maguire Properties, it is one of the largest
real estate purchases on record in Orange County since September 2008. This
central Orange County office complex enhances The Abbey Company's holdings,
which now consists of eight properties in Orange County including the addition
of City Parkway. The three-building, 460,000 square foot City Parkway Office
Complex consists of twin 10-story glass office buildings and a four-story
office building in an attractive office campus located at 500-600 City Parkway
West, Orange, California.

The Abbey Company completed the "all-cash" purchase after a short due
diligence period during which time Abbey also completed the purchase of the
property's underlying mortgage loan from the property lender. Abbey was able
to complete the quick-close transaction due to its local market knowledge,
having owned the adjacent Cityview Plaza office property since 1993. Also,
Thomas Clarke, The Abbey Management Company's EVP and chief operating officer,
had a prior involvement with the property while he worked for previous owners
Spieker Properties and Equity Office Properties. 

In discussing this newest acquisition, Tom Clarke comments, "... our business
plan is to establish an on-site management and leasing office, aggressively
market the property to prospective tenants, and implement operating
efficiencies at the property consistent with The Abbey Company's 'hands-on'
operations / leasing strategy."  Abbey has established a substantial budget
for capital improvements and leasing expenses for the property, including
Class A tenant improvements and tenant broker incentives, to make the property
appealing to major tenants in the market. This very strategy is what has made
The Abbey Company an emerging leader in the California real estate market.

Kurt Kaufman, Director of Acquisitions at The Abbey Company states "we believe
this was the appropriate time to acquire an asset like City Parkway, which
prior to mid-2008 had historically exhibited high occupancy rates due to its
ideal central Orange County location, at a price substantially below
replacement cost due to the current real estate market disruption.  Our
ability to close quickly and without a financing contingency gives us a
significant competitive advantage in today's commercial real estate
environment." Mr. Kaufman additionally noted that this acquisition is the
opening salvo of Abbey's acquisition program over the next two years as the
firm retains the ability to acquire substantially more assets throughout
California on an "all-cash" basis. 

The Abbey Company owns and operates 53 commercial properties throughout
California containing approximately 5,660,000 square feet.  For further
company information please visit The Abbey Company's web site at
www.theabbeyco.com or, for new acquisition proposals, contact Mr. Kurt Kaufman
directly at kaufman@theabbeyco.com.





SOURCE  The Abbey Company

Kurt Kaufman, Director of Acquisitions, The Abbey Company, +1-562-435-2100,
fax, +1-562-432-0187
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.