Prime Office Space in Orange: A $13.5 Million Opportunity
A prominent three-story office building located at 601 S Lewis St. in Orange has recently hit the market with an appealing asking price of $13.5 million, which translates to approximately $403 per square foot. Spanning an impressive 33,483 square feet on a 2.3-acre parcel, the property currently operates as an educational facility and boasts an existing conditional use permit. Managed by CBRE, the listing is strategically positioned for both owner-occupants and potential residential redevelopment opportunities, making it a lucrative prospect for various investors.
The property itself offers an array of benefits. According to marketing materials, the freestanding building comes equipped with above-standard parking and sits on a spacious lot that is adaptable for multiple uses. It is presented as turn-key ready, ideal for owner-users who are looking to escape the uncertainties of the rental market and avoid potential rate hikes. The existing educational operation not only validates the building’s functionality but also highlights its significant development potential under the City of Orange’s Urban Mixed Use zoning designation. This allows for residential development at densities ranging from 30 to 60 units per acre, aligning seamlessly with the city’s responsibility to accommodate over 3,900 housing units as mandated by state requirements.
High Demand for Office Space
Recent trends within the Orange County real estate market indicate a robust demand for office space​, as evidenced by the clearing of nearly one million square feet of office space from available inventories, previously suited for either owner-user occupation or residential conversion. Additionally, around 650,000 square feet of tenant space is currently undergoing relocation within central Orange County. This influx of activity underscores the growing interest in the area and points to potential opportunities for investors in the office and residential sectors alike.
Excellent Location and Accessibility
Proximity to significant employment centers and transportation infrastructure makes the Lewis Street property a prime choice for potential buyers. Located just off State Route 22, it provides convenient access to Interstate 5, as well as State Routes 57, 91, and 55. The building is also ideally situated near John Wayne Airport and several Metrolink stations, enhancing its accessibility for both employees and clients. In addition to functional accessibility, the property is surrounded by essential amenities, including MainPlace Mall, Angel Stadium, Honda Center, and Disneyland. Notably, it is also in close proximity to Chapman University and UCI Medical Center, which serve as key employment anchors in the area.
Positive Market Trends
The Orange County office market demonstrated encouraging signs of stabilization and recovery during the second quarter of 2025. According to recent reports by The Registry, quarterly leasing activity soared to 1.8 million square feet for the three-month period ending on June 30, indicating a 0.3 million-square-foot increase compared to the same timeframe in 2024. This resurgence pushed year-to-date leasing activity to robust levels, reflecting heightened tenant confidence and accelerating return-to-office initiatives.
Rental Market Dynamics
Further noteworthy observations include a decline in overall availability which dipped to 21.4 percent in Q2, marking a 160 basis-point reduction year-over-year and a 90 basis-point decline from the preceding quarter. While direct space absorption continues to improve, landlords are faced with evolving tenant expectations and increased demands for concessions. In light of these dynamics, the Orange County office market is projected to enjoy further benefits from limited new construction and a drive towards conversions to non-office uses, gradually decreasing overall availability and bolstering market fundamentals over time.
Engaging Professionals
CBRE’s talented team, featuring Anthony DeLorenzo, Sammy Cemo, and Bryan Johnson, are managing the listing for 601 S Lewis St. With a combination of crucial factors—location, zoning potential, and market trends—this property offers an exceptional opportunity for investors looking to capitalize on Orange County’s thriving real estate landscape.
In summary, the availability of this 33,000-square-foot office building for $13.5 million presents an outstanding opportunity for both owner-users and developers. With its strategic location and existing infrastructures, investors are encouraged to consider this promising asset as a viable addition to their portfolio. For more detailed information about the listing and market insights, visit the official CBRE website.
Whether you’re an investor looking for strategic real estate opportunities or an owner-user aiming to secure a dedicated space in a thriving area, the property at 601 S Lewis St. reflects an exciting investment avenue. With rising demand, prime location benefits, and adaptable zoning regulations, this offering is sure to attract considerable interest in Orange County’s resilient market landscape.
