Drug maker Allergan Inc. is paying $22 million to buy another office building next to its sprawling Irvine campus.
Allergan just closed on a deal to buy 18581 Teller, an 86,087-square-foot building that borders the company’s campus near John Wayne Airport.
The company had been leasing space in the office building, which is full with two other tenants.
The sale translates to a price of about $256 per square foot. It’s one of the largest office sales seen so far this year in Orange County.
Los Angeles-based landlord Maguire Properties Inc. sold the building, as part of its strategy to pay down debt by selling off some buildings, including several in OC.
The deal will result in net proceeds of $1.8 million for Maguire, which had a $20 million mortgage loan on the property.
The deal is the latest example of Allergan, maker of wrinkle remover Botox and other drugs, buying buildings next to its headquarters to create a buffer around its city block-long campus.
Early this year, the company paid an estimated $15 million for a 67,000-square-foot building on Michelson Drive, which at one point had been tapped for redevelopment into condominiums and a hotel tower.
