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Wednesday, May 29, 2024
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Irvine Co. Buys Irvine Center Towers

The Irvine Company has acquired the 900,000-square-foot Irvine Center Towers office complex near John Wayne Airport.

Terms of the deal weren’t disclosed. Brokers have valued the office complex at about $325 million, or $360 per square foot.

“We have always had great faith in Orange County,” spokesman Bill Rams said in a statement. “It is one of the most vibrant markets in the nation, with an educated workforce and a diverse economy. Therefore, when the right opportunity has presented itself, we have made a few acquisitions.”

Irvine Center Towers is the first local office tower the Newport Beach-based company has bought.

The Irvine Co. is said to to be the winning bidder for Newport Gateway Towers in Newport Beach in a deal valued at about $220 million. The company has declined comment on Newport Gateway.

Irvine Center Towers, at Von Karman Avenue and Michelson Drive, includes four black 11-story office buildings and Prego Ristorante.

As of November, the complex was about 95% full and includes the headquarters of business software maker Epicor Software Corp. and New Century Financial Corp., one of the nation’s largest subprime mortgage lenders.

Philadelphia-based Healthcare insurer Cigna Corp. had owned about 80% of Irvine Center Towers. Houston-based Transwestern Commercial Services owned the rest and has managed the site.

There are plans to build a 230,000-square-foot office building at Irvine Center Towers. Irvine Co. is already committed to building two local office buildings, a pair of 14-story towers, at the Irvine Spectrum.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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