The Irvine Company is buying Equity Office Property Trust’s San Diego office buildings, marking a major expansion in the company’s second-biggest market.
The Newport Beach-based landlord is buying the buildings from the Blackstone Group LP, which completed its $39 billion buy of Chicago-based Equity Office Properties earlier this week.
Financial terms of the Irvine Co. acquisition weren’t disclosed.
The deal includes premier buildings in La Jolla, including three towers and three garden-style office buildings within The Plaza at La Jolla Village.
The Irvine Co. now is a major landlord in San Diego’s two key markets, downtown and La Jolla, making San Diego second to only Orange County for the company in office space.
In all, the acquisition includes 17 buildings, some with multiple high-rise and low-rise buildings.
The buildings total more than 2 million square feet, according to the Irvine Co.
Blackstone Group, a New York-based private equity firm, is said to be selling off other parts of the Equity Office portfolio as well, in New York, Chicago and Washington D.C.
The Irvine Co. has bought close to a billion dollars worth of office properties in San Diego in recent years.
