News release

JLL closes $235.25M sale of and arranged $117.63M financing for SoCal office campus

Intersect delivers what today’s office workers are seeking; health and wellness and top-of-the line amenities in a creative office layout 

June 29, 2022

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

NEWPORT BEACH, CALIF., June 29, 2022 – JLL’s Capital Markets group announced today that it has closed the $235.25 million sale of and secured $117.63 million in acquisition financing for Intersect, a four-building creative office campus totaling 453,975 square feet in Irvine, California.

JLL represented the seller, Hines, and procured the buyer, MetLife Investment Management (MIM) & PGGM. Additionally, JLL secured the 10-year, fixed-rate acquisition loan through Allianz Real Estate.  JLL previously worked to sell the original campus to Hines in 2015 and refinanced the asset on their behalf in 2019.

“MIM was drawn to Intersect as an attractive investment through our pursuit of differentiated assets within their competitive markets alongside a backdrop of a growing technology presence as found in Orange County,” Michael Vogt, Portfolio Manager at MIM said. “MIM, with its real estate investment management capabilities, is thrilled to take on ownership of Intersect, which clearly benefited from its prior owner’s vision and execution.”  

Intersect comprises four buildings located at 17877 & 17875 Von Karman Ave. and 17838 & 17872 Gillette Ave. in the Orange County Airport Area submarket of Irvine. The 15-acre site is less than three miles from John Wayne Airport and has immediate access to the 405 Freeway connecting the property to the Los Angeles and San Diego metropolitan areas and labor pools. Orange County has become one of the most prominent tech hubs in California and is home to more than 200 Fortune 500 Companies as well as world class universities, including University of California Irvine, California State University and Chapman University.

Intersect recently underwent a more than $27 million renovation to position it as one of the highest quality creative office campuses in all of Southern California. The property boasts an atmosphere of hospitality and innovation alongside a myriad of in-demand amenities, including an activated two-acre courtyard with a game pavilion, an urban garden, farmer’s market, basketball, volleyball, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining as well as live music and events catering to the Intersect tenant base and corporate along with residential neighbors. In addition, the trophy campus offers on-site conference facilities, a state-of-the-art fitness center, food trucks, wellness trails, an auto spa, private tenant terraces and patios and subterranean and structured parking. The property is 85% leased to a diverse tenant roster.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Leggett, Senior Director Blake Bokosky, Director Mark DeGiorgio and Analyst Nicolai Waner.

“We continue to see both tenants and investors gravitate towards high-end creative office product like Intersect that offers a dynamic work environment alongside carefully curated amenities focused on employee’s overall health and wellness,” Leggett said.

JLL’s Debt Advisory team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Managing Director John Chun and Associate Samuel Godfrey.

“It’s been a privilege to work with the Hines throughout their ownership of Intersect. They did an excellent job with the asset, allowing us to properly position it to the market for the ultimate exit, and identify a great buyer in MetLife Investment Management. We were also pleased to secure the long-term debt with Allianz Real Estate providing optimal terms for the acquisition,” MacKenzie said.

Michael Cale, Co-Head Debt Investments at Allianz Real Estate, United States said, “We’re delighted to be once again supporting a prime development that puts tenant wellbeing at the center of its market approach. We see that such programs create the best long-term value for all stakeholders. Our deep relationships with major market participants such as JLL are at the center of our own business model, and we’re delighted to be working with them in realizing this exciting opportunity in Irvine.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit for more information.

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.