Newport Beach’s The Irvine Company has bought Regents Square, a three-building office complex in La Jolla.
Published reports place the sales price at $218 million, including the assumption of $104 million in debt.
Maguire Properties Inc. of Los Angeles sold the three-building, 311,000 square foot complex. Regents Square includes two mid-rise office buildings and one two-story bank branch.
It’s the latest big La Jolla office buy in San Diego County for the Irvine Co. Earlier this year, it paid the Blackstone Group an estimated $1 billion for 17 offices in La Jolla and Mission Valley.
San Diego County is the Irvine Co.’s second biggest office market, besides Orange County.
“This is a long-term investment in a thriving area where we have built and owned office properties for more than 25 years,” said Bill Rams, an Irvine Co. spokesman.
“University Town Center is economically vibrant, with an expanding business base and an appeal enhanced by its proximity to the University of California, San Diego,” Rams said.
Maguire bought the Regents Square offices in 2005, for a reported $120 million.
