Chapman University College has bought a 115,000-square-foot building in the Irvine Spectrum, which it will use as its administrative headquarters and Irvine satellite campus.
The building, at 16355 Laguna Canyon Road, sold for more than $20 million, according to brokers with the Irvine office of Cushman & Wakefield Inc.
It’s the largest recorded office sale in Orange County so far this year.
The three-story building previously served as the headquarters for subprime auto lender Consumer Portfolio Services Inc., which last year relocated to another Irvine office closer to John Wayne Airport.
Chapman plans to move in to the new building this summer and will be relocating administrative workers currently working in Orange.
The building also will serve as Chapman’s new Irvine campus, which counts more than 650 students. Chapman has 24 campuses in California and Washington.
Cushman & Wakefield’s Jeffrey Cole, Ed Hernandez, Greg Brown and David Dowd represented Prudential Real Estate Investors, which sold the property on behalf of institutional investors.
Alex Hayden, Rick Sherburne and Travis Boyd, also of Cushman & Wakefield, represented Chapman in the transaction.
