The U.S. Social Security Administration (SSA) branch office in Mission Viejo, Orange County, California, is a single-tenant office building that is 100% leased for a new 20-year term by the U.S. Federal Government, with lease commencement at project completion, scheduled for October 2022.
The subject property is an expansion and relocation of existing Social Security services within the Mission Viejo area of Orange County, providing a new, 14,540 square foot, single-tenant facility for SSA, and replacing the prior SSA premises in Mission Viejo that consisted of 11,590 square feet within a multi-tenant building. The new Mission Viejo SSA branch office is a comprehensive redevelopment-to-suit for Social Security, constructed to meet the specific requirements of the tenant and in adherence with strict federal building security standards. Tenant improvements exceeded $1.7 million, with funding by SSA, demonstrating significant tenant investment and commitment to the new facility.
The U.S. General Services Administration lease is guaranteed by the full faith and credit of the United States of America, which has a credit rating of Aaa from Moody’s Investor Services and offers unrivaled income security. The GSA has a long-standing reputation as a tenant with one of the highest possible renewal probabilities in the commercial real estate industry. Historical data published by the GSA regarding their portfolio of over 8,000 leases nationwide reflects a retention rate which typically exceeds 95%.
Mission Viejo SSA is an exceptionally rare offering of a U.S. Federal Government facility situated in an affluent, infill California location. Centrally positioned in the city of Mission Viejo within Orange County, the area features compelling surrounding demographics, sited with major national tenants in immediate proximity, including Target and Amazon. Part of the Greater Los Angeles Metro Area, the second largest MSA in the United States, Orange County itself contains an estimated 2021 population exceeding 3.167 million.