Office Prices in Subprime’s Center Leapfrog Recovery

Office Prices in Subprime’s Center Leapfrog Recovery

Jonathan Alcorn/Bloomberg

The office building at 3161 Michelson Avenue stands in Irvine, California, on Monday, July 18, 2011. Emmes Group of Cos., based in New York, in June 2009 paid $160 million, or $302 per square foot, for the 20-story building, which was 38 percent vacant at the time, according to Grubb & Ellis Co.