The Irvine Company has wrapped up its buy of two downtown San Diego office towers for $265 million, according to the San Diego Union-Tribune.
The Newport Beach real estate owner and developer bought San Diego’s SBC and NBC towers on Broadway last month, according to the paper.
The Irvine Co. reportedly started talks to buy the buildings a year ago. They were sold by San Diego’s American Assets Inc., which is owned by Ernest Rady, chief executive of Irvine-based Westcorp Inc.
American Assets bought the buildings in 2004 for $218.5 million, according to the Union-Tribune.
The Irvine Co. owns two other San Diego office towers.
In 2004, it paid $148 million for the 472,000-square-foot Wells Fargo Plaza. In 2003, it bought the 570,383-square-foot Symphony Towers building for $134 million.
