The Irvine Company could be paying top dollar to acquire its first office building in San Francisco.
According to real estate trade publication Commercial Property News, the Irvine Co. is under contract to buy 560 Mission St., also known as the JP Morgan Chase building.
The Irvine Co. declined to comment.
The 31-story tower, in the city’s financial district, is fully leased to JP Morgan and serves as the investment bank’s West Coast headquarters. The company has a lease through 2017.
The reported sales price is in excess of $400 million. That deal would likely set a record per-square-foot price for a tower in San Francisco, Commercial Property News said.
A buy would be the Irvine Co.’s first in San Francisco. The company owns about 400 office buildings. Most are in Orange County, with some in San Diego, Los Angeles and Silicon Valley.
The deal in San Francisco would continue a recent trend of high-profile office acquisitions for the company’s chairman, Donald Bren.
Earlier this year, the Irvine Co. closed on two high-rise office buildings in San Diego for a reported $450 million. The buys included San Diego’s marquee One America Plaza.
In OC, the Irvine Co. acquired the Newport Gateway buildings for about $215 million, and it snapped up the Irvine Center Towers complex for about $325 million.
560 Mission St. is owned by National Office Partners LP, a venture between Houston-based Hines Interests LP and the California Public Employees’ Retirement System. Hines built the tower four years ago at a cost of $200 million. Cesar Pelli & Associates was the architect.
It’s the only property that National Office Partners owns in San Francisco. Hines counts about 18 office properties in its San Francisco portfolio.
