Hoag Hospital has acquired the iconic Ziggurat building in Laguna Niguel for $207 million, the U.S. federal government announced Tuesday.
The U.S. General Services Administration sold the Chet Holifield Federal Building, a one-million-square-foot office campus on 92 acres at 24000 Avila Road, to Laguna Ridge Health Care Development, LLC, an affiliate of Hoag Memorial Hospital Presbyterian.
The sale is considered one of the largest redevelopment opportunities in South Orange County.
For the federal government, it is part of an ongoing effort to sell underused buildings, reduce long-term costs and move older properties into private use, federal officials said.
“GSA continues to deliver on President Trump’s goal of eliminating costly, vacant properties from the federal real estate portfolio,” said GSA Administrator Edward C. Forst in a news release. “The sale of the former Chet Holifield Federal Building generated over $207 million in revenue and saved American  taxpayers more than $340 million in long-term repair and upgrade costs.”
Read more in the July 6 edition.
