I then mounted the drive of the old Mac onto the new Mac via the cable and copied it over manually. Migration assistant choked on this folder twice, leaving me unable to move it via a thunderbolt to thunderbolt connection. This folder needs to be copied from Mac to Mac when migrating data. The new location is not well documented, and I stumbled upon it on an obscure forum post, the location is ~/Library/Group Containers/UBF8T346G9.Office/Outlook/Outlook 15 Profiles/Main Profile In Outlook 2016 for Mac, Microsoft in its infinite wisdom, has changed the default location of the email profile folder.
I wanted to share my info in the event that it helps someone out there. I recently had to help a client move from one Mac to another, during the process one task proved more challenging than originally anticipated.