Drug maker Valeant Pharmaceuticals International is looking to sell its longtime Costa Mesa headquarters and lease elsewhere in Orange County by the end of the year.
Valeant is focusing its search for space in South County, according to real estate brokers familiar with the company’s plans.
That could include office space in Irvine recently put up for sublease by the Orange-based parent company of Ameriquest Mortgage Co., among other options.
Valeant is looking to lease about 100,000 square feet of space. A move could happen by late 2006 or early 2007, according to sources.
The move would mark another break with the past for Valeant, which used to be known as ICN Pharmaceuticals.
The 177,000-square-foot, three-story Costa Mesa complex was built in 1975 under the direction of founder and former chief executive Milan Panic, who was ousted by dissident shareholders in 2002.
For all but the past few years, the sober black complex off the San Diego (I-405) Freeway has been closely associated with Panic. An iconic oil painting of him once hung in the lobby, while hallways were lined with pictures of Panic with dignitaries.
Real estate brokers estimate the 15-acre complex could sell for $250 to $300 per square foot, or about $50 million. The site’s location next to the freeway is a plus, they say.
For more on this story, see the July 17 issue of the Business Journal.
